The North East Industrial Demand Strong!
Andrew Wright
We spoke to Andrew Wright LSH Newcastle who told us that demand for freehold indus- trial premises remains strong across the north east particularly for those benefitting from large yard areas.
LSH have secured five deals in the last two months, the first being a 5,000 sq ft unit at Nuffield Road in Billingham for a private client which sold well over the asking price follow- ing a competitive tender with at least half a dozen bidders.
Although the unit was dated and located on a more secondary estate, the generous two
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acre site, a degree of this being concrete, proved to be the magnet.
Another 60,000 sq ft spread over three units in various locations across the region were sold simultaneously with all premises benefitting from secure and sizeable compounds.
Even dated freehold stock on tight sites which is well located is still attracting inter- est. The sale of a 15,000 sq ft former builder’s merchants on Railway Street at the edge of Newcastle city centre, the unit having 100% site cover, bears testament to this.
The leasehold market is hampered by the lack of supply around 15-25,000 sq ft. We currently have mandates to acquire units of this size for a number clients across the region but it is proving difficult to secure suitable options.
With build costs remaining high the viability of new schemes has been marginal hence development has been limited.
However, where developers have specu- lated, they have generally been rewarded by securing a more discerning occupier willing to pay premium rents to satisfy ESG commitments.
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NEWCASTLE MEET THE TEAM
For property advice, please contact a member of our team. St Ann’s Quay, 122 Quayside, Newcastle Upon Tyne, NE1 3BD
Valuation
Planning Consultancy
Capital Markets
Rating
Building Consultancy
RICHARD WILSON Head of Office +44 (0)7736 388 289
rjwilson@lsh.co.uk
Valuation
LAURA DIXON Director +44 (0)7395 885 515
ldixon@lsh.co.uk
Valuation - Alternatives
EMILY WOOD Director +44 (0)7900 120 143
ewood@lsh.co.uk
Industrial Agency
MEL OATES Director +44 (0)7921 408 933
moates@lsh.co.uk
Building Consultancy
DAVID MORRIS Director +44 (0)7834 883 286
dmorris@lsh.co.uk
RACHEL JONES Director +44 (0)7526 176 571
rjones@lsh.co.uk
MARK PEEL Director (Alternatives) +44 (0)7711 766 218
mpeel@lsh.co.uk
ANDY WRIGHT Associate Director +44 (0)7957 823 910
awright@lsh.co.uk
MICHAEL FLETCHER Director +44 (0)7957 823 905
mfletcher@lsh.co.uk
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LSH.CO.UK 47
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