herts, beds & bucks |
BUCKINGHAMSHIRE CONTINUES TO STRENGTHEN F
or many years Buckinghamshire has been somewhat of an understated
county economy, despite making a significant net contribution to the UK economy. The strength of the local economy is
highlighted in the unemployment statistics and as of December 2015 Buckinghamshire had the third lowest claimant count amongst the 27 County Council areas with an unemployment rate of just 4%. Being just on the edge of the Thames
Valley, the two main commercial towns in the county of High Wycombe and Aylesbury are overshadowed by locations such as Reading and Slough on the M4 corridor, but have strong sectorial representation in the space industry, health care and life sciences and boast international renowned organisations such as Pinewood Studios, Stoke Mandeville and Silverstone. Chandler Garvey, a firm of commercial
property consultants with four offices in Buckinghamshire, completed more than 100 commercial deals in 2015 on over 700,000 sq ft of commercial floor space and this shows an increase of 12% on the
year previously. 2016 is set to be better again, with activity in all of the main commercial sectors showing improvement and rents on the better buildings starting to rise significantly. Chandler Garvey rebranded last year (previously known as Stupples) and launched a new website
www.chandlergarvey.com. The photo shows the Chandler Garvey team. The absence of any real new
development across the county for the past 10 years, during the recession, is now starting to impact upon the choices that occupiers have at the quality end of the scale in the office and industrial sectors, albeit that the office sector remains fragile in a number of locations. Article by Michael Garvey, MD Chandler
Garvey Ltd DD: 01494 460250 M: 07899 790040. email
mg@chandlergarvey.com
BUCKS SPECULATIVE INDUSTRIAL DEVELOPMENT WELCOMES THREE NEW TENANTS
Century Court industrial scheme with three lettings agreed within the first month following completion. Phase I of the speculative industrial
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scheme, comprising 24,000 sq.ft over seven units, was completed on time and on budget and provides the only new Grade A accommodation currently available in the region. The buildings are located at the heart of Westcott Venture Park across 1.5 acres of the 650-acre site and there is solid interest in the remaining units. Lettings have been completed with
electronic defence system specialists Antillion, which has taken a 5-year lease on Unit 1 comprising 2,015 sq.ft and fashion house DKNY has taken a 3-year lease and will occupy Unit 4 comprising 2,015 sq.ft. Unit 10 will be taken by existing
occupier, CS Group, which has taken a 5- year lease on 6,125 sq.ft. Rents for all deals have been agreed between £7.50 - £7.75 per sq.ft.
COMMERCIAL PROPERTY MONTHLY 2016
estcott Venture Park is delighted to report strong take-up at the new
Westcott Venture Park, which is
owned by Rockspring Hanover Property Unit Trust and managed by Lambert Smith Hampton, is now home to 75 businesses employing over 500 people. This represents a 14% increase in occupier growth at the park over the last two years. Nigel MacKenzie, project manager at
Westcott Venture Park explains: “We are delighted to have agreed these lettings within such a short period following completion and it’s great to see a speculative development of this quality now completed and letting quickly.” Westcott Venture Park, owned by
Rockspring, is a former Government Research Facility and today offers a wide range of industrial / office accommodation with units ranging from 120 sq.ft up to 30,000 sq.ft. Located between Aylesbury and
Bicester, it is the largest business park in Buckinghamshire with major occupiers including FedEx, Shanks, BAe Systems, Moog, Bucks Recyling and Ecopac which occupies two hangars.
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RECORD-BREAKING YEAR
Kirkby Diamond’s agency team, which has celebrated completing a record 198 industrial deals in 2015 across the three offices. The team’s record-breaking year of
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industrial and warehouse deals during 2015 saw a noticeable upturn in activity involving units of 4,000 to 6,000 sq.ft. Luke Tillison, Partner at Kirkby
Diamond, said: “It’s fair to say 2015 was an amazing year for Kirkby Diamond and we enjoyed unprecedented levels of activity in the industrial and logistics sector right across the region. “To have
completed a record 198 deals in just 12 months clearly demonstrates our expertise. We’re successfully competing with national firms and bigger consultancies and the record number of industrial deals completed last year shows that we are now one of the top consultancies in the region.” Activity has been brisk in the 20,000 -
Luke Tillison
50,000 sq.ft sector, which has left only a couple of units of this size available along the M1 corridor. “This has been the trend over the
past two years, so we’ve seen a gradual reduction in availability to virtually critical levels. This has led to record rents in this size bracket, with some units achieving as much as £7.50 sq.ft. “It’s impossible to sustain this so we
clearly need the cranes to return to the area so that we can compete with regional centres that are also seeking to attract companies that want to move out of London and the West Midlands,” added Luke. Kirkby Diamond has almost doubled
its agency team size in the past three years to cope with demand in this busy sector, with transaction numbers in Milton Keynes alone quadrupling. The consultancy’s Luton office has also benefitted from increased activity and is now securing bigger deals than ever.
usiness is booming for leading commercial property consultancy
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