The East Midlands


In My View – Hugo Beresford of Salloway Property Consultants, Derby


At Salloway Property Consultants we are heavily involved in the commercial property market in the East Midlands and consider that its performance over the previous 12 months is encouraging given that, despite being affected by a constantly evolving economic landscape and shifts in both consumer and working habits, the region remains resilient with a reassuring level of activity and transactions occurring across the Industrial, Office and Retail property sectors.


Like many locations across the United Kingdom, the regions Industrial property sector has represented the strongest performer with demand outstripping supply, particularly in relation to good quality well-located units, which has had the effect of pushing both primary and secondary rental and capital values to new heights. An example of this being our client Ivygrove Development’s highly successful Dunstall Park scheme, where we acted from initial site acquisition to the disposal of a total of 21 business units on site (totalling approximately 81,200sq.ft.), with the rents achieved setting a new elevated tone locally.


In terms of the Office market, we have witnessed a shift in occupier preferences with significantly greater weight being placed upon providing high-quality and attractive accommodation which provides greater amenity space in order to make the office a more attractive environment to help entice employees away from home or hybrid working models. Locally, Pride Park remains Derby’s premier office location where, despite a limited number of properties currently being available, prime rents have remained stable primarily due to there being very little genuine Grade A office space transacting.


Changes to consumer habits and online retailing have made the retail


Premcor’s and Barwood’s Nottingham 360 Logistics Scheme on Track for December Completion


especially given its proximity to the heart of the UK road network and with nearby occupiers which include DHL, DPD, Bestway Wholesale and ASDA. Eagerly anticipating practical completion in December, director of Premcor Estates, Rob Lane, said: “Nottingham 360 will be a best-in- class logistics scheme, which we are delighted to be bringing forward with Barwood Capital at a time when there is still robust demand for sustainable, well-located buildings.


“The construction is progressing extremely well with Winvic Construction and we have developed a solid relationship with the Winvic team who are doing a fantastic job.”


Retained agents for the scheme are Knight Frank (James Clements & Charlie Shephard) and Moriarty & Co.


Construction work is well advanced on Nottingham 360, a 361,000 sq ft warehousing and distribution scheme situated just five minutes from Junction 26 of the M1 motorway, as the project moves swiftly towards practical completion in December.


The 16-acre site on Firth Way, Bulwell, was acquired by Premcor Estates and Barwood Capital’s Regional Property Growth Fund IV in August 2021.


Nottingham 360 will be a high-bay logistics/production facility with a warehouse on the ground floor of 328,759 sq ft and additional office space of 32,874 sq ft which includes a hub office to the service yard.


ESG credentials form a key focus for the building design, which will deliver a BREEAM Excellent rating as well as carbon net zero in construction, both of which look set to make it a highly sought after occupier location


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Commenting on Nottingham 360, James Clements, a partner at Knight Frank and head of the Midlands logistics and industrial occupational agency team, said: “We are delighted to be marketing such a readily accessible unit with strong ESG credentials and best in class specification which meets the demand from an increasingly selective occupier market. We’re looking forward to completion in December and discussing requirements with interested parties.”


Adam Smith, asset management director at Barwood Capital added: “With a key focus on ESG credentials that will deliver BREEAM Excellent and carbon net zero in construction, Nottingham 360 is ideally located in the heart of the UK road network.”


Premcor was formed in 2018 by directors, Rob Lane and Simon Hawkins. With a track record of successfully matching market demand with investor requirements, Premcor operates throughout the UK and currently has a 2 million sq ft development pipeline.


COMMERCIAL PROPERTY MONTHLY 2023


sector a generally tough environment for operators. That being said, Salloway have been involved in a good number of deals within Derby city centre and surrounding areas which help demonstrate that Derby is still very much open for business. The Derbion Shopping Centre remains the city’s primary retail offering with the historically solid high street offerings of St Peter’s Street, The Cornmarket and Sadler Gate representing a city centre that feels somewhat fragmented and disconnected. Fortunately, the ongoing Becketwell Regeneration scheme will help breathe new life in the city centre as its various stages deliver 259 Build to Rent apartments, a new public square, a new 3,500 capacity performance venue and a range of other complimentary uses which include grade A offices and commercial space, a hotel, a multi-storey car park and purpose-built student residential accommodation.


Salloway Property Consultants have been operating for over 30 years and are recognised as a leading commercial property agency within the East Midlands, comprising a team of Chartered Surveyors committed to a dynamic, cost-effective and results orientated service. Acting on behalf of private and public sector clients, Salloway provide solutions in all aspects of commercial property agency including disposals, acquisitions, investments, land and development; together with dedicated professional services in valuation, lease negotiations, compensation and property audit.


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