TDB Real Estate have completed on a number of Corby transactions and disposals in 2021.
Throughout 2021 TDB Real Estate enjoyed success on a large number of disposals and transactions in Corby. By the end of 2021 TDB had successfully disposed of twenty five of the twenty nine instructions, during 2021, with the final four under offer and due to complete in Q1 2022. The below post will highlight TDB Real Estate’s Corby success last year.
Omega Court is a new small unit scheme, developed by Clowes Developments. The units range in sizes from 2,989 sq ft up to 8,641 sq ft and offered both leasehold and freehold opportunities. TDB Real Estate and joint agents Prop-Search disposed of nine of the units between December 2020 and October 2021. The units were disposed of as follows:
- Five units sold
- Four units let with the final under offer
- Two of the units that were let were sold on to an investor
Construction completed in December 2020 and all the units were occupied by October 2021.
A new small unit scheme being a joint venture between Barnack Estates and Andrews Building Supplies. TDB initially sold the site to Andrews Building Supplies who later entered into a joint venture to develop Ellis Court with Barnack Estates.
TDB began the marketing of Ellis Court in late 2020 receiving significant interest from occupiers. Construction finished in the summer of 2021 and three of the four units were occupied shortly after. The units were all 3,229 sq ft and fully fitted with offices.
- Two units let
- One unit sold
- Final under offer freehold due to complete Q1 2022
TDBRE were instructed in early 2021 to jointly market Marconi Courtyard with Budworth Hardcastle and Drake Commercial.
TDB refreshed the marketing strategy, aligning and increasing the rents and helping to oversee light refurbishments. Twelve of the thirteen units at Marconi were available when TDB were instructed. Following a year of refreshed marketing, ten of the twelve units have been let with the final two under offer.
Centrix Business Park
TDB Real Estate were instructed on Centrix Park following the purchase of a 90,000 sq ft unit on behalf of Bakeaway. Following the acquisition, TDB were instructed to market the remainder of the units jointly with Prop-Search in mid 2019.
Over the last two years TDB Real Estate and joint agents Prop-Search have negotiated multiple deals on the 39 acre development. Significant deals include a 162,490 sq ft unit let to Deichmann Shoes UK Ltd. Deichmann and other units on Centrix Business Park were later included in Clowes Devlopments deal with NFU Mutual which was worth circa £100 million.
Unit A Arkwright Road
Unit A, Arkwright Road had been vacant for approximately two years when TDB were instructed in May 2021. Acting on behalf of Mileway, TDB refreshed the marketing strategy, completed several viewings and successfully negotiated terms with Huisman International ltd (t/a DFDS) on a lease which commenced in mid-October 2021. The property was refurbished throughout prior to the letting to provide a high spec accommodation.
14 Earlstrees Court
Marketing of 14 Earlstrees Court began late August 2021.
Following a significant marketing campaign TDBRE completed a letting of the office to Axil Integrated Services Ltd on a ten year term in December 2021. The lease is subject to a CPI linked upwards only rent review in the 5th year of the term, capped and collared at 3% and 1%. In addition the tenant has break options at the end of the 5th and 8th years.
Jack Brown, Associate Director at TDB Real Estate commented: “In the past year TDB Real Estate has seen significant growth in the Corby industrial submarket both on the occupational and investment side of the business. Tenant and owner occupier demand has been strong, further outstripping supply with CoStar reporting a c. 10% increase in rents over the last 12 months and vacancy rates at historic lows of 2%. With very little new stock forecast to be built over the next 12-24 months, we expect rents to continue to push forward as stock levels further diminish.”