Demand for offices in Bromsgrove continues to strengthen, with a potential shortage looming, according to Worcestershire commercial property consultancy GJS Dillon LLP, which has disposed of three 5,000 + sq ft office premises in the town.
The firm of Chartered Surveyors has sold two freehold office buildings at Harris Business Park, Stoke Prior, Bromsgrove, and let a second floor office suite in the centre of town.
“These disposals reflect the increasing demand for offices in Bromsgrove, where take-up has increased significantly in the past 12 months. At the start of 2014, there was a shortage of occupiers for the available stock, now there is an increasing shortage of stock for occupiers,” explains John Dillon, partner at GJS Dillon, which has offices in Bromsgrove and Worcester.
“Owner occupiers continue to be attracted by low interest rates and the increasing willingness of the banks to lend. As a consequence of this, both freehold prices and rents are increasing and there is looming potential shortage for some key sizes.”
Acting on behalf of a private vendor, GJS Dillon sold the freehold of 25A Harris Business Park, Hanbury Road, Stoke Prior, Bromsgrove, B60 4BD, a 5,391 sq ft, two-storey office building, for
£631,000 to FJA Design Limited, the company behind the multi-award winning Eyespace which supplies innovative branded frames for glasses. Founded in 2013, the firm has already won many industry and business awards and employs 15 people. Following a year long search for premises, they identified 25A Harris Business Park as being ideal for their business and subsequently have relocated to Bromsgrove from Stourbridge.
Acting on behalf of a private pension trust, GJS Dillon sold the freehold of Hanbury Court
(Unit 16), Harris Business Park, Stoke Prior, Bromsgrove, B60 4DJ, a 5,736 sq ft two-storey office building, for £600,000 to The Children’s Family Trust, a fostering charity, which is moving its West Midlands office from Droitwich.
“Both Eyespace and The Children’s Family Trust were keen to acquire freeholds as, despite the rising prices, they remain competitive compared to freehold office space in Birmingham. They also wanted to guard against being exposed to rising rents in future. Our in depth local current market knowledge was crucial when we received instructions to sell both buildings to know which local occupiers would be interested in buying”, explains selling agent Claire Juggins.
On behalf of the Express & Star Group Pension Scheme Limited, GJS Dillon has let the 5,826 sq ft, Second Floor Office Suite, St Johns House, 16 Church Street, Bromsgrove, B61 8DN, to full service marketing agency Gough Bailey Wright Limited on a new 10 year full repairing and insuring lease at a headline rent of £12 per sq ft, with a break clause after six years. Gough Bailey Wright is relocating from office premises in Worcester Road, Bromsgrove.
Ms Juggins continues: “With its proximity to the M5, M42, and M40, and to Birmingham, London, and their international airports, a flexible workforce and key lifestyle factors, Bromsgrove remains one of the best places in Worcestershire for a business base, while Worcestershire remains one of the most business-friendly counties, with one of the fastest growing economies in England.
“With more than 30% of office occupiers planning to move premises in the next two years, and with available office space reducing, organisations looking to relocate would be wise to use our acquisition service and contact us now, well in advance of their need, as finding suitable premises can take a long time.”