South West Commercial Property Market
It has been a busy few months in the commercial agency department with some interesting deals happening across the offices across the various sectors in the South West commercial property market.
Our Plymouth office have recently completed two office lettings at Argosy House. The recently refurbished suites within the building were around 800 sq ft each with three allocated car parking spaces each and let off asking rents of £11 per sq ft with tenants committing to leases for several years. ‘This goes to show that with decent refurbished space, good parking allocation and an easily accessible location that there is still demand for office space.’ Comments Anna Jackson, Commercial Agent in the Plymouth Office. ‘Certainly smaller suites seem to be more in demand. With working practices changing and flexible working becoming more commonplace since the pandemic then businesses are considering whether they need to keep their large premises and the overheads which come with them.’
Another recent success is at Bell Park on Newnham Industrial Estate in Plympton, where a recent letting of a mid sized unit of 2,769 sq ft has achieved a record rent for the estate. The unit, let to landscaping company The Nurture Group, provided industrial warehouse space with roller shutter door and office space to the first floor. A long term lease was agreed at the asking rent of £22,000 per annum which breaks back to a rate of £8.90 per sq ft. Likewise, we have completed on several lettings at Helston Business Park, Plot F, which totals 6,168 sq ft and a further 3,294 sq ft under offer. This site is a new build scheme centrally located with quoting rents at £12.60 per sq ft. The demand for industrial property remains strong with lack of supply continuing to slowly increase rents across the South West.
Within our coastal towns such as Falmouth, we have seen good levels of demand for retail property with a recent letting of a 1,906 SQ FT completing at £15.74 per sq ft after a short period of marketing. Morwenna Pound, Commercial Agent in Truro comments ‘Although the retail property market is still unsteady, where footfall can be relied upon such as a popular tourist destination demand is still present. We are also seeing increased demand in neighborhood parades and market towns.’
To talk to our commerical property agency team, please get in touch.
