With the first phase of Mercury Business Park in Cullompton almost fully occupied shortly after completion, developers GPG Developments are now embarking on a second phase to deliver a further 19,474 sq ft of industrial space later this year.
All Phase 1 units have been let or sold in recent months to a variety of local and regional occupiers who have traded strongly through the pandemic, as well as investors, say property consultants Alder King and JLL who brokered the deals.
As a result work will now begin on two further small unit blocks which will be available by the year end. Unit sizes start at 758 sq ft.
Noel Stevens, partner at Alder King, said: “Questions about whether demand for industrial space might have peaked are obviously not relevant in Devon, where we have very limited supply yet consistently strong demand. As a result of the success achieved with Phase 1 at Mercury Business Park, we will continue to deliver premises at the top end of the market, quoting freehold and leasehold prices of £165 and £10 per sq ft respectively. The lack of small units locally is particularly acute and the market dynamics clearly support the start of the second phase.”
The small scale of the units at Mercury Business Park has enabled a number of new and expanding businesses to make the move into brand new, well-located premises. But the business park can also cater for occupiers requiring larger space, with the potential to combine multiple small units or create standalone bespoke units on a design and build basis.
Spencer Popham, Director at GPG Developments, said: “It’s clear from the response to the first phase of the business park that there is very strong demand for good quality units in this location, and we are delighted to now be able to press ahead with the second phase.”