SECTOR FOCUS: PROPERTY
‘North Devon
continues to offer opportunities to investors’
Exploring the commercial property sector
Miller Commercial, which has been recognised as Cornwall’s most active agent for seven successive years by Estates Gazette, joined the Devon Chamber of Commerce at the start of 2018 on the back of an ever-growing demand for its portfolio of commercial property services across Devon and the further southwest. An independent partner owned business, Miller Commercial offers a
range of services including commercial agency, business transfer, property management and investment as well as valuation and professional advice to clients across the South West and beyond including London and the Midlands. So how do the experts at Miller Commercial see the Devon and
wider South West commercial property markets currently? Thomas Smith, who heads up the Commercial Agency team for
Miller Commercial, is optimistic. He said: “We have seen lots of activity in Devon so far in 2018, including the successful sale of several former Lloyds Bank branches in towns such as Modbury and Salcombe and the successful letting of a number of light industrial units in Totnes. With plans afoot for the regeneration and economic development of Torbay we are excited by the opportunities that this will bring to the commercial property sector. “North Devon continues to offer opportunities to investors, we’ve
recently taken on a prominent building in Holsworthy which is generating a significant annual return while offering scope for development. However, with a bottleneck in supply of small fit-for- purpose business units, it remains a challenging time for small to medium sized occupiers looking to expand or relocate as the stock just isn’t there.” For Head of Business Transfer Graham Timmins, it is the licensed and
leisure sectors which excites him currently. He said: “Since the start of 2018 we have seen strong activity in the
licensed and leisure sectors with enquiry numbers at an all time high. In particular whenever hotels and guesthouses or freehouses come to the market we see high levels of interest.” Graham described an example of this: “We have just brought to
market the Exmoor Manor Hotel and Beggars Roost Inn which combines a popular freehouse and small hotel in a great location. These type of properties always attract lots of interest from a variety
of buyer types from investors to those seeking a ‘lifestyle’ type business.” Graham added: “Both North and South Devon are very popular right
now in the leisure sector, particularly the South where the transport links continue to be enhanced and tourism is a thriving industry.”
Visit:
www.miller-commercial.co.uk
L-R: Graham Timmins, Head of Business Transfer; Nick Maffey, Associate and Head of Property Management and Thomas Smith, Head of Commercial Agency
28 Chamber Profile July/August 2018
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