Richard Bache of Wiggins Lockett Thompson comments on the commercial property market.
“Since we opened our new office in the Black Country we’ve seen a real upward trend in activity across the board” reports Richard.
We’ve successfully brokered a letting at Black Country House in Oldbury on behalf of Goold Estates and have had a fantastic response to our marketing of Barn Conversion offices at Albrighton. All seven offices are under offer before completion of building works and we’re now taking reservations for the next phase of development.
We’ve now also taken on instructions to dispose of the freehold interest in office building, 26 Church Street, Kidderminster which is part vacant and part income producing which provides an opportunity to add value through active management or potentially provide a serviced office centre which is lacking in the town.
The industrial market is also proving very active. We have a freehold sale in Willenhall under offer of approximately 11,000 sq ft. We’re acting for clients to search and acquire freehold premises in the order of 20,000 to 30,000 sq ft in the Dudley area which is proving to be a scarce commodity in the current market. This is unlikely to change in the short term with the lack of new development in the pipeline.
We’re experiencing a good level of interest in freehold premises we are marketing at Four Ashes in Wolverhampton having received a high level of enquiries for the building of 29,000 sq ft.
Richard continues, “There is no shortage of demand for most types of commercial property. The market started to improve earlier this year with an upturn in activity for small offices and industrial property and we are now seeing this activity spread through to larger properties. Based on the continued improvement in the economy in general, the feel good factor is returning to the market”
There is a noticeable shift from the buyer’s market we’ve experienced for the last few years to a market place now favouring sellers and landlords again. Any property owner sitting on surplus or vacant space would do well to seek advice on disposal to take advantage of this shift.
New development is required to further boost the market and keep pace with the improvement in demand, particularly where industrial property is concerned. Landlords are reporting high levels of occupancy with LCP having now developed new units at their Pensnett Industrial Estate, known as Progress Point to satisfy demand.
New development in other sectors is also in evidence in Stourbridge with new Premier Inn and Brewers Fayre building works making good progress, KFC and McDonald will be on site soon on the ring road site opposite King Edward’s Sixth Form College which is itself nearing the end of extensive building works.
To discuss any aspect of commercial property contact Richard Bache on 01384 933044.