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Simon Patrick, Partner and Head of Commercial Property at Robinson and Hall comments on the Bedford market…

wantspacegotspace.co.uk - Simon Patrick, Partner and Head of Commercial Property at Robinson and Hall comments on the Bedford market.The market for offices is very quiet due to the high number of vacant offices available in the area. New commercial developments are very hard to find as developers are struggling to obtain funding at sensible levels, coupled with not wishing to start works until a tenant or purchaser is secured at levels that do not compromise their profit margins.

On the flip side though, there are many attractive investments to purchase in the area for investors with access to funds, although at slightly higher yields of 8% to 10%. We are seeing lots of interest from investors for multiple retail and industrial units. There are also attractive properties to purchase for owner occupiers with access to funds, from landlords who may be struggling to secure suitable tenants. In fact, we have recently sold an office for an investor to an owner occupier where the office had been vacant for the last 3 years.

Within the range of departments at Robinson & Hall, when leases come to an end our dilapidations team are on hand straight away to ensure the properties are returned to the landlord in accordance with the lease terms and we can start marketing the properties again to avoid void periods. In a difficult market, landlords need to ensure that they are in the best position to re-let their property therefore talking to us about dilapidations is a must.

Posted by The Editor (wantspacegotspace) on 23rd September 2013

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