| the yorkshire region
FIVE FIRMS SEAL DEALS AT AWARD-WINNING ESCRICK PARK
ive successful Yorkshire companies have signed new deals to take quality office and industrial space at the award-winning Escrick Park, between York and Selby. They are Dragonfly Consulting, Tukans
F
Ltd, IMC Toys, Ypsomed and Quattro Auto Care.
These new deals means that the 45,000 sq.ft Escrick Park business park is now 95 per cent let and is home to 25 companies. The historic Escrick estate has been owned and managed by the Forbes Adam family for the past 350 years. Seven redundant farmsteads on the estate, east of the A19, have undergone a comprehensive £1.4 million refurbishment, providing a significant boost to the local economy. These farm building conversions won the coveted Royal Institute of Chartered Surveyors Award. Chris Chittock of acoustic, environmental and safety consulting specialists Dragonfly Consulting, who have moved into the 1,000 sq.ft 7 The Menagerie on the estate explained: “We moved offices just before Christmas and have hit the ground running. We have relocated from Selby Business Park because
the facilities, ambience and location of Escrick Park are second to none and are perfect for our expanding company. He added: “The personal and flexible approach of the landlord Charlie Forbes Adam has been most refreshing, helping us to settle in quickly and well. From our perspective, this is the ideal place for our base. We are looking forward to a positive future in our excellent new premises.” Audio visual products distribution
company Tukans, which has been based at Escrick Park since 2004, has expanded into the 1,200 sq.ft 3 Bramleys Barn in the Menagerie.
Managing director Yvonne Womersley Managing Director, explained: “Our latest expansion is due to requirement and opportunity. We can see a need in the next 12-18 months with sales and staff increases. We also would like more space to be able to offer training facilities. “Escrick Park Estate have helped us with our specific requirements every step of the way, especially lettings manager Helen Pentith. They have worked with us to find the most appropriate space for our requirements.
YORK - A SAFE HAVEN A
s a destination for investment funds, York is seen as a ‘safe haven’ as it has
developed into one of the niche cities in the country driven by the finance and tourist
industries and the influence of the Universities. It is one of
Nigel W Taylor
a small number of locations to where foreign investors are
prepared to venture away from the over- heated London market and, doubtless, were there the availability of the a wider ‘institutional’ stock, this would become all the more apparent.
Prime retail opportunities with strong
covenant tenants and reasonable unexpired lease terms are now well established at 5%, dropping even lower where there is the prospect of adding value by virtue of short term rent review uplifts or re-gearing of existing leases. Good secondary retail space is now in
keen demand as the propco’s and high wealth individual investors have all but given up on the likelihood of acquiring
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prime locations where the institutions and pension funds have continued tightening their grip. The office market remains largely ‘un- tapped’ as York is still not regarded as having a major stock and whilst the presence of Aviva and Hiscox insurance companies, the major rail company HQ’s and others, demonstrates that York is clearly a very attractive City for the high Life/Work balance qualities, and despite the admirable ongoing efforts of the City of York Council’s inward investment team, is rarely seen on the list of requirement sheets when occupiers are relocating or expanding their businesses. Again, perhaps due to the absence of larger volume space which may be more readily available in the likes of Leeds and Manchester but this washes through to the investment market where buyers like to see the certainty of regular deals having been done to under pin their funds.
The ongoing conversion of existing
offices to residential accommodation, whilst having its benefits in terms of the increase of much needed lower value residential space, not to mention the short term gains to developers, is none the less undermining the confidence of office investors to consider York.
YORK - CHANGING TIMES T
he outstanding feature of the city's commercial property market has to be the number of offices having already been converted or in the process of being converted to apartments. Furthermore,
Andrew Hedley
much land originally allocated for offices is now providing student accommodation and, with more schemes currently underway, the city's
landscape is changing. Both the city centre and its original business park at Clifton Moor are affected.
Already some of the city's landmark
multi-storey buildings have changed in both name and appearance with more to follow. Inevitably, options for those looking for office space are rapidly reducing but with take-up rate remaining weak, the market has yet to experience real pressure.
Whilst the city's office market is undergoing major change, retail and industrial sectors have significantly improved in a post-recession climate. The retail core has recently seen the return of Mountain Warehouse, the arrival of Space NK and the relocation of Pandora to far larger premises - all events in Davygate. Stonegate, now recognised on a global basis, is still a major focus for occupier demand. In terms of rental growth no location has performed better over the past 10 years. The volume of pedestrian activity throughout the year continues to impress. One of the latest lettings involves a German based retailer soon to open its store in one of the street's grade II listed buildings. The move by family run Kathe Wohlfahrt marks its first UK store with other outlets in European cities, Japan, USA and Canada. Notwithstanding strong retail demand, the city's larger units, always in short supply, are now attracting the attention of the country's restaurant groups with the local council dealing with change of use applications almost on a weekly basis. A buoyant market for a city centre that also continues to prove an investor's favourite.
With the city's industrial base now much changed and with little stock available, expanding local businesses have little choice. Activity is greatest below 5,000 sq.ft. (464.50 sq.m.) and for those with larger requirements sites at Sherburn-in-Elmet, closer to the A1/M1link, have proved an attraction in recent years. Older industrial stock close to the city centre remains a housebuilders favourite.
COMMERCIAL PROPERTY MONTHLY 2016
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