Due to the recession and the years of austerity which have followed, there has been little new commercial development in Northamptonshire since 2008. As a consequence, the quantities of available buildings within certain size parameters have evaporated, which has created a gradual increase in capital values and rents, causing an ever accelerating reduction in the incentives that are available to tenants.
The commercial property market in Northampton is close to hitting a critical point, whereby good quality space will only be created by new development. This will greatly improve the standard of the stock available to occupiers, but unless developers take the brave decision to speculatively build, these opportunities will only be available 12-18 months after occupier commitment. The combination of these factors, combined with low interest rates have caused values in the commercial property investment market to surge over recent months, on the speculation of significant rental growth driven by a lack of available stock and increased occupier demand.
For the savvy occupiers that are able to acquire existing buildings, there are still comparatively competitive deals to be done. However, for industrial and office occupiers planning to take on additional space over the next 2 – 24 months, now is the time to start looking, as for an increasing percentage new build maybe the only option available.
TDB are delighted to market the fully refurbished units at Edgemead Close, Round Spinney, Northampton, offering units from 5,000 – 10,000 sq ft, either separately or combined. The units have been finished to a high standard and benefit from allocated car parking/loading area, eaves of 4m rising to a ridge of 4.8m and two storey office/ancillary accommodation. These units are available on a new FRI Lease, on flexible terms with tenant incentives, subject to term and covenant strength Just one week following the completion of the refurbishment, TDB are pleased to announce that Unit 9 is already under offer and there is strong interest in 2 of the remaining 3 units. For further details on the remaining available units contact Oliver Thompson or Victoria Robinson at TDB Real Estate on 01604 604020.