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Liz Lowe of Morris Property provides an insight to the Shropshire property market

wantspacegotspace.co.uk - Liz Lowe of Morris Property provides an insight to the Shropshire property marketBeing based in Shropshire and mainly dealing with a Shropshire based portfolio I can only really talk with some certainty, and I use this term loosely, about the factors affecting us on a daily basis in the local property market.

When looking at the first quarter of the year and trying to be objective, I would say it started with some renewed vigour in number of enquiries being received, however, over the last month we have seen a certain level of inertia in the market. This will no doubt be attributable to many business’s financial year ends, budgets and reviews, as well as the forthcoming general budget and  economic uncertainty facing many businesses.

News that Jaguar Land Rover are investing more money into the i54 site, between Wolverhampton and Telford,  is good news for the region, house building in Telford has been progressively increasing over the last 12 months all indicating that we as a region are weather this economic downturn as best we can amongst our equals.

Within Shrewsbury we experienced a degree of competition for a prime retail unit we had available following the PastTimes Receivership and successfully let this to Mid Counties Co-Operative Travel achieving a Zone A of £105 but with a straight 10 year term and no break, which amongst retailers at the present time is no mean achievement.  We have also seen an increase in interest in our starter units at our Centurion Park Development where we are offering quick and easy access without the need to commit to longer leases with rents starting at £3.00 / ft².

The office market seems to have stagnated again but we were able to let two office suites in the same building to Guide Dogs for the Blind off a rent of £9.00 / ft² for a 15 year lease, subject to 5 yearly breaks. 

However, we as landlords realise we cannot rest on our laurels and that we have to be more creative in what we are able to offer our tenants, be it the ability to undertake ‘fit out’ works as part of the deal, refurbish returning stock so we maintain a high standard in accommodation within the market place but is also able to compete in financial terms.

We have also taken a pragmatic view about speculatively developing a further 23,500 ft² of Trade Counter space at  Vanguard Park in Battlefield, as most companies once they decide to move wish to do so quickly and having stock available is paramount in order for us to be competitive in this market.

Posted by The Editor (wantspacegotspace) on 15th March 2013

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