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Still humming along
The first half of 2008 has been a challenging time for all those active in
the commercial property market. But our reports suggest that things
are still ticking over - a pointer to better times to come?
CORNWALL
Industrial
Jon Ball of Miller Commercial comments:
"The industrial market in Cornwall remains
active and units in good locations, with good
access to transport links are still in high
demand. The recent lettings at Indian Queens
Trading Estate evidence this, where 11 of M-
Space's high spec units have been let with
the one remaining unit being under offer.
These units ranged from 2,465 sq ft -
5,619 sq ft and were let off asking rentals
based on £7 psf inclusive of service charge.
Activity has also been good at M-Space's
Victoria Trading Estate with there being only
a handful of the 2,070 sq ft units remaining
available; these units are available off rentals
based on £7 psf, again inclusive of service
charge. BLS and our agency are joint agents
on this scheme.
There has also been activity in the Bodmin
area where we have let Units 3 & 4 Woods
Browning Industrial Estate on Respryn Road,
Seven Indian Queens Trading Estate
both units provided 1,672 sq ft of industrial
space and were let off asking rentals of
£7,200 pax. Units 8 & 17 are due to become
Offices
individual suites, from 77.6 sq m (834 sq ft)
available during the coming months.
Mike Nightingale, of Miller Commercial,
off a base rental of £12.50 psf.
Nearby on the popular Carminnow Road
reports: "There are a number of new
The building is attractive overlooking the
Industrial Estate, we have Unit 1B available,
schemes nearing completion. Development
infamous Abbey Basin and is situated
providing a GIA of 4,995 sq ft at an asking
continues apace on Carew House which
adjoining a development site, where a new
rental of £20,000 pax, whilst a 1,058 sq ft unit
is a conversion/re-build of an historic
building known as The Sail is under
on the same estate within Atheneum House
building on the former St Lawrence Hospital
construction. This building includes 405 sq m
has recently been let for £6,000 pax (off an
site, now known as Beacon Technology
(4,359 sq ft) and is ideally suited for either
asking rental of £5,000 pax).
Park. The office includes up to 2,282 sq m
office or restaurant use. Both buildings are
Further west along the A30 corridor, we
(24,560 sq ft) of accommodation in suites
linked and can be offered either separately
have recently let Unit 6D on Pool Industrial
from 72.1 sq m (776 sq ft). The building will
or together."
Estate, the unit provided a GIA of 960 sq ft
be available from March 2009 by way of a
and was let off an asking rental of
pre-let. The quoting rental is £12 psf.
Retail
£7,500 pax. Unit 7E on the estate is currently
Further west, we are marketing a brand Rob Redgrave of Miller Commercial
under offer while Unit 6D and Unit 9 are due
new office known as Seven on Indian Queens comments: "We, in Cornwall, maintain that
to come to the market during August.
Trading Estate. Substantial interest has been what applies to the 'national' market does not
The industrial market remains fairly
shown by four potential occupiers for the necessarily apply to us. No doubt the market,
buoyant as highlighted by the recent activity.
space, which is capable of being sub-divided specifically the retail sector, is different to
This is evidence that quality space in the
and includes two floors of 4,390 sq ft each. how it was three months ago, but despite
right location will continue to appeal to
This development is ideally located adjoining what the media is reporting, in my opinion it
businesses wishing to relocate or expand
the A30 with plenty of car parking. is not necessarily worse.
within the county.
Another new development which has just From an agent's perspective, I think the
Landlords and developers have
completed is Falcon House in Truro. This market is gauged by the amount of work
recognised this and we have recently taken
building includes 1,858 sq m (20,000 sq ft) of required to make a certain amount of money.
instructions to market two schemes that tick
offices over three floors. In the 'buoyant' market we have experienced
the boxes in the Launceston area.
The building, which is completed to a prior to the current transitional period, effort
At Newport Industrial Estate, we have high standard, includes an atrium-style was required and potentially time wasted in
units 15A & 15B available, which in total offer entrance hall with lantern glazing, together qualifying both tenants and landlords.
3,070 sq ft and are available as a whole or with basement car park and external sun Presently the tenant's that are looking are
split at a rental of £20,000 pax for the whole, courtyard. It is available in whole or part more motivated and the landlord's are more
with further units on the estate coming to the under a new Lease off an asking rental realistic (assisted by the new legislation
market shortly. based on £15.50 psf. surrounding vacant rates exemption). So in
Another interesting scheme exists at Further west, another exciting new theory from our point of view the market is
Landlake Road close to Pennygillam, where conversion is the former Abbey Warehouse easier.
we have 10 (remaining from 16) separate building which has been converted to offices Clearly there are fewer opportunities to
industrial plots ranging from 4,306 sq ft - and is now ready for occupation. The broker transactions, but this is the market
19,375 sq ft available freehold, from development includes 543 sq m (5,843 sq ft) where the good agent comes in to his own.
£99,000." of accommodation which can be let in With diminished 'ready willing and able'
10 Property News August 2008
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