“The industrial market across the South West continues to perform strongly” reports Agency Director Alan Treloar.
Commercial Property Market Update
The general lack of supply of trade counter/ industrial/ warehousing across the region remains and along with strong demand this has meant that the rental increases we have seen over the past couple of years have shown no signs of dropping. New developments are generating good levels of interest and the general rental tone for small to medium size units is now £10 to £14 per sq ft with the top rents being paid for new premises in the best locations.
We are seeing tenants for industrial premises agreeing to pre-lets ahead of new developments being completed to ensure they secure the properties they need to support their businesses.
In terms of deals we’ve recently completed this year so far, we have let buildings from Patchway, Bristol, to Marsh Barton and Skypark, Exeter and Langage, Plymouth as well as a variety of locations in Cornwall. Highlights include the recent letting of a 16,500 sq ft unit in Bristol, a letting at Skypark, Exeter at a rent equivalent to £14 per sq ft and a trio of trade counter and warehouse deals at Helston Business Park in west Cornwall.
Freeholds coming to the market are few and far between but in the last quarter we have seen the successful sale of a large food factory site at Pennygillam, Launceston – with a floor area of over 195,000 sq ft in what must be one of the most notable deals in Cornwall for some time.
Vickery Holman’s Agency department has a strong reputation in the industrial sector and this has recently been borne out by us topping the Industrial Agent rankings in the Estates Gazette Radius On- Demand Rankings for Q1 in 2022.
We have also topped the EG Radius commercial lettings and sales activity tables in Cornwall and Devon in Q1.
We are always pleased to discuss any letting or sales related query with contacts old and new and have agents active across the region always looking for new instructions in the industrial sector – whether the letting or sale of existing stock or working on the prospects of a new development.
