With demand for large industrial and warehouse units continuing apace in the New Year, available stock keeps diminishing as deals are being concluded swiftly in the early part of 2014.
Tim Gilbertson of FHP is pleased to announce the further disposal of 7-11 Lower Oakham Way on the Oakham Business Park in Mansfield with a unit of over 90,000ft² on 6.35 acres now let.
This deal coupled with a letting announced earlier in the month at Common Road in Huthwaite has seen over 200,000ft² let by Tim Gilbertson since the turn of the year. With both properties let to manufacturing companies and jobs therefore secured and indeed created this hopefully heralds further positive news for both the property market and the economy.
The deal concluded sees this superb building on a large site let on behalf of Pall Mall Estates, long term clients of Tim Gilbertson.
Tim Gilbertson at FHP who sourced and completed the deal commented:
“The second major letting that I have undertaken at Junction 28 within the last few weeks sees over 90,000ft² of space let. A terrific deal for my clients as a 10 year lease without break was agreed but equally the tenants have secured themselves a good quality building on appropriate terms through their agent, Jake Huntley at Capita.
Whilst always pleasing to secure the disposal of such a significant building and indeed for such a long term, my immediate concern now lies in trying to satisfy any number of ongoing enquires for between 50,000ft² and 150,000ft² on the M1 corridor. Certainly over the last 6 months this sector has completely changed to the degree that there is so little stock available that potential occupiers are fighting hard to secure any appropriate buildings.
This is a complete sea change for landlord’s now from the conditions encountered over the last few years when the market was very much in favour of tenants and purchasers. Now though the market has shifted to favouring landlords, owners and developers as the economy appears to be improving further, creating additional demand. Against a backdrop of limited supply this is having an obvious and noticeable effect on the market.
What I am finding as a result of the lack of stock is the number of parties that I am now talking to on a design and build basis on the various schemes we have around Junction 28 and the M1 corridor. With the ability to fast track deals and construction times and create a ‘perfect property’ for an occupier on a leasehold or freehold basis, provided a tenant is prepared to agree long term occupation, that it really does appear with the ongoing lack of good quality existing space that design and build deals will be the way forward throughout much of 2014 and beyond.
Pleasingly we have any number of sites in the region that can satisfy these design and build deals but equally I would urge any major property owner thinking of marketing their warehouse or industrial unit for sale or to let to contact me as there are any number of parties in this sector looking for space at present and the buildings are simply not available.