Traditionally the summer months are marked by little activity in the market due to the holiday season and the current economic climate, although Alder King are pleased to report there is still activity in the Exeter market with a number of properties going under offer in August.
Two Industrial units amounting to approximately 12,907 sq ft (1,200 sq m) and an office suite of 2,778 sq ft (258 sq m) on the Kestrel business park, Sowton have gone under offer. An Industrial / warehouse unit of 9,650 sq ft (896 sq m) on Marsh Barton along with 2 trade counter units totalling 5,102 sq ft (473 sq m) also on Marsh Barton have gone under offer in the month of August, with one of the units completing within 2 weeks from the production of the heads of terms.
Lee Southan, negotiator in Alder King’s Exeter office said: “There is activity in the market is patchy at present but it is purely how you manage it that makes a difference. With our combination of strong local market knowledge and the correct advice to the client from the outset we have shown that a buyer / tenant can be found in challenging market conditions.”
Occupiers have continued to take advantage of market conditions and in many cases have negotiated incentives although on some instructions Alder King have agreed deals at the full asking rent with lesser concessions or incentives through providing robust and accurate advice in the first instance and targeting the most suitable occupier for each unit.
Lee Southan mentions that ‘’in leasehold instruction we are finding an ever increasing need to present buildings in the best possible light, with so much choice it is important that the property is ready to be occupied with minimal expenditure required by the incoming tenant.’’
The National markets have been increasingly reported on as slow to recover but Exeter seems to be bucking the trend also, with large developments underway or planned for the region. These include Exeter Business Park, Matford Business Park, Hill Barton Business park, Alphington Retail Park and Skypark all of which Alder King are retained to offer and actively working / advising on.
Scott Rossiter, Partner and head of Commercial agency at Alder King’s Exeter office said: “Exeter is well placed for the future, because the potential undersupply of development land for industrial or distribution property has been addressed by Skypark (75 acres) and Matford Park (20 acres) coming on stream, with further sites such as Hill Barton Business Park (20 acres) also being available. This will put us in a strong position and be able to attract companies looking for a regional presence in the South West.’’