property 55
Suttons Business Park bucks industrial market trend
Last month Reading’s largest ever industrial pre-let deal was agreed, with Brakes Group signing for a new 207,000 sq ft storage and distribution warehouse at Suttons Business Park. While this deal alone equated to more than 60% of all industrial space transacted in Reading in 2010, broader success at Suttons has helped buck the wider market trend with an additional 60,000 sq ft of take-up recorded in the year to date
Neil Seager
Commercial property consultancies, Haslams and Lambert Smith Hampton (LSH), are retained as joint marketing agents by landlord, Standard Life Investments, and have secured a series of deals that have seen successful occupiers expand their businesses on the estate.
Marketing consultancy Circle Agency has grown from 3,800 sq ft into units 45 and 46, totaling 9,200 sq ft. Krannich Solar, one of Europe’s top five photovoltaic businesses, has taken a further 4,600 sq ft of space in unit 47, in addition to its existing operations in unit 49 (8,850 sq ft). Most recently existing occupier Industrial Equipment Supplies based in unit 42 has expanded, taking an additional 3,500 sq ft in unit 41 and now occupy 7,500 sq ft.
As well as thriving businesses expanding on the estate to take additional space, proactive marketing to industrial occupiers in and around Reading has driven a series of deals which have welcomed new tenants to the park. Independent publisher, Garnet Publishing, moved to Suttons to take 4,600 sq ft in unit 44, with Visions Event Service Group signing for the
same amount of space in unit 14. Furthermore, Golden Star Computer UK has taken unit 6, totaling 3,600 sq ft, and A E Petsche has relocated and expanded its operations from Headley Park in Woodley to take 20,000 sq ft in unit 37 at Suttons.
As part of its growth strategy Workbooks Online is the most recent tenants on the park having just taken 3,500 sq ft of offices. It won’t be the last this year as a further 15,000 sq ft is also under offer.
Neil Seager, partner at Haslams, commented: “Suttons Business Park’s excellent access to the M4, yet proximity to the town centre are important drivers behind the deals we’ve secured this year. Of equal importance is the size range of units on the estate from just 3,000 sq ft, right up to the scale of Brakes’ new 207,000 sq ft warehouse. This means that we are able to attract occupiers of all sizes and accommodate their resizing over time.”
Philip Hunter, associate director in LSH’s Reading office, added: “This run of successful deals on the park is a vote of confidence for Reading, retaining and attracting some
prominent and expanding occupiers in the town. The high take-up levels have resulted in a very low vacancy rate on the estate, which currently stands at just 6%. Subsequently, headline rents on the park have risen for the first time in four years – this goes against the grain when compared with most other schemes.”
Construction is now underway on Brakes’ new warehouse, with works having begun just one week after the recent exchange of contracts. Completion of the new distribution facility is expected at the end of Q1 2012.
Details: Neil Seager 0118-9211516
neilseager@haslams.co.uk www.haslams.co.uk
Suttons Business Park THE BUSINESS MAGAZINE – THAMES VALLEY – DECEMBER 11/JANUARY 12
www.businessmag.co.uk
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