Yorkshire Counties
Industrial Market – Demand Continues Unabated! Reports Dan Hodge BSc MRICS Ryden Leeds
The investment market has been, for a few years now, very keen on both single and multi-let industrial accommodation but this has been matched by occupiers in the last 12 months.
For example, Ryden are one of two agents for Clifton Moor Industrial Estate in York. Normally, we have a good “churn” of property as tenants come and go. We are now about to be fully let on the estate which, when considering our client owns over 450,000 sq ft of accommodation, is the first time that this will happen in nearly 30 years. We are now talking to occupiers about pre lets on the estate as we race ahead with the development of sites that were not due for commencement of construction anytime soon.
Dan Hodge
I do not think I will surprise anyone when I say what a strange 15 months this has been. The surprise though will be how crazy the Industrial market has become, which continues to push the boundaries in terms of demand, take up, rents and yields.
Around the time of Easter in 2020, it felt that everything had stopped including enquiries, viewings and transactions throughout the commercial property market. Eventually, occupiers and investors emerged from lockdown and we started to witness a huge surge in demand for industrial accommodation/land from both occupiers and investors.
Healthy Harrogate
The Harrogate district is an enticing collection of communities and countryside, history and heritage, businesses and brands. Whilst Harrogate Town itself is the principal settlement, Ripon, Knaresborough, Pateley Bridge, Boroughbridge and Masham are successes in their own right with each playing its own role in the economic and social tapestry that makes up this special part of Yorkshire.
Whilst Harrogate is well known to many as a haven for tourism, shopping and leisure it is also home to incredibly successful businesses, some operating on a global level, and it has ambitious plans to grow its economy. There are fantastic opportunities for tech companies in different sectors to take advantage of interesting urban and rural locations and an amazing quality of life. The latter is creating a boom in those wishing to live in the area with city facilities literally down the road. As a Victorian spa resort Harrogate attracted the elite from Britain and Europe. It has maintained this reputation and profile as a high-quality place which in turn has helped attract entrepreneurs and enterprise.
In Harrogate we celebrate and welcome businesses that are small in size but not in ambition or ideas. We already boast
58
companies of all shapes and sizes that have thrived in the special atmosphere and collaborative nature of Harrogate across a diverse range of sectors. You might be surprised that we have over 10,000 businesses - punching way above our weight in Financial and Professional services, the Creative and Digital sector, Logistics and Scientific research and development circles - but they are often hidden in the landscape – just one of the advantages of being here!
The events of the last year have thrown a spotlight on what makes Harrogate district so special – the ability to live and work locally has become more important than ever. With amazing quality of life, plenty of green open spaces literally on the doorstep; it’s no wonder that Harrogate was recently described by The Times as the best place in the UK to work from home.
So if you’re starting up in business or just making a move this is a location that will bring out the best in you. Fresh air and fresh thinking, countryside and connections, innovation and inspiration, big skies and big ideas.
To find out more contact:
business@harrogate.gov.uk
This story is not just happening in York. Throughout Yorkshire (and beyond) landlords are seeing record levels of take up and occupation. They have also seen no drop off in rent collection with nearly all reporting circa 93-95% of rents being paid on time throughout 2020. One of the main issues we have as agents is stock. With very little being built (particularly Multi Let Industrial Estates – expensive to build and difficult to find affordable/suitable sites) and the fact that we are seeing such a broad range of occupiers that are migrating from the retail sector (due to their online success) to more affordable industrial and warehouse accommodation, that “churn” is not happening.
This is great news for landlords as they are able to push rental growth and with the added benefit of yield compression, the industrial sector is proving to be a great opportunity.
Unfortunately, this has a detrimental effect on tenants. With very few options to move and a queue of alternative occupiers lined up waiting for them to leave, it results in higher rents and fewer incentives available. With so little coming out of the ground across Yorkshire, it is likely that this trend will continue for the foreseeable future.
Scarborough Appoints Nicola Bulley
Scarborough Group International (SGI), the UK real estate development and investment company, has appointed Nicola Bulley as Commercial Executive.
Working with the Group’s Chief Executive, Simon McCabe, Nicola will be based at SGI’s Thorpe Park Leeds office and will head up the
Group’s corporate and commercial projects marketing and PR strategy.
Nicola brings more than 20 years of property marketing experience, the last 13 spent at Lambert Smith Hampton (LSH) where she was national Head of Marketing and Business Development. In the newly created role, Nicola will take strategic marketing control for the Group and all
its national
commercial projects, valued at more than £2
billion. This includes at key Northern
Powerhouse investments at Thorpe Park Leeds, Sheffield Olympic Legacy Park and Sheffield Digital Campus, as well as future phases of commercial development
Middlewood Locks Manchester. Nicola will also support SGI’s overseas ventures and coffee brands Novell and Espuma.
Nicola Bulley, said, “I am delighted to join Scarborough Group International as it forges ahead with some truly transformational investments. A long-standing relationship between the Group and LSH means that I already have an intimate knowledge of the business and I am excited to be at the helm of exciting things to come.”
COMMERCIAL PROPERTY MONTHLY 2021
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