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The South West Vickery Holman Alan Treloar


Looking back, 2018 was a good year for commercial property transactions across Cornwall. Towards the end of the year the unfolding drama of the Brexit debates did perhaps mean that the market broke up for Christmas a little earlier than usual but it had already been a very busy year. Having said this we saw deals completing all the way up to the last day of work before Christmas – buyers not hesitating despite the prevailing political uncertainty.


We saw strong performance in the industrial and investment sectors particularly. The availability of industrial property was, and continues to be, relatively restricted and so in most cases rentals are modestly increasing and freeholds – even harder to come by – and in even more demand as occupiers try to acquire a freehold property which they can potentially put into a pension scheme for themselves.


Irrespective of the political scene, interest rates remain at very low levels and consequently commercial property investments remain in demand when they come to market. Of course the mix of tenant quality, lease terms and property type is crucial especially in times when even some of the most established high street names are having extreme difficulties in some cases but this in turn has led to a very strong market for industrial investments as the popular choice – the retail high street being a more risky place.


Former Liskeard Cattle Market


APPROXIMATELY 0.4 HECTARES (1 ACRE) DEVELOPMENT OPPORTUNITY


Retail is clearly continuing to have difficulties adjusting to modern shopper’s behaviour but in Cornwall there are still many desirable retail locations where we can still expect good demand. What we also saw in 2018 was a further adjustment in rents and prices in less favoured locations as landlords and vendors accepted the need to listen to what the market was telling them if they wanted to transact. The office market in Cornwall was fairly quiet in 2018 as most occupiers have their head’s down getting on with their business and not contemplating a move. Generally occupiers are requiring less floor area per employee due to flexible working practices and decreases in the bulk of ICT and filing these days so even if a company is expanding they are often “making do” rather than moving.


2019 is looking exciting for us as we have some high quality new space to market and clients who are prepared to develop more commercial space through the year. The ESAM building at St Austell was completed in 2018 by Cornwall Council and we are marketing 2,300 sq m (24,750 sq ft) office and industrial units there which began to see take up in the final months of 2018. Newquay Aerohub is another Cornwall Council location where we are active with 2,650 sq m (28,500 sq ft) of high spec industrial and office space there due to be completed in 2019. This space is only minutes from the A30 and of course has the benefit of being alongside Newquay Airport – one of Cornwall’s most important transport links.


Alan Treloar


Director and Head of Agency Vickery Holman 01872 245604


Enterprise Space for Advanced Manufacturing, St Austell


32 OFFICE, INDUSTRIAL AND WORKSHOP UNITS TOTALLING 2,299 SQ. M. (24,750 SQ. FT.)


• Site identified for various potential uses • Expressions of interest by 28th February 2019 • Part of wider intended redevelopment


• Individual Units from 32 sq. m. (344 sq. ft.) up to 94 sq. m. (1,011 sq.ft.)


• Brand new development specifically designed for manufacturing and low carbon industries.


• Flexible lease terms available from £500 pcm.


European Union European Regional Development Fund


Visit vickeryholman.com for more info or contact Alan Treloar


atreloar@vickeryholman.com/01872 245600 COMMERCIAL PROPERTY MONTHLY 2019


Visit vickeryholman.com for more info or contact Will Oldrieve


woldrieve@vickeryholman.com/01872 245608 61


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