The South East In My View by Richard Stafford of Stafford Perkins Chartered Surveyors, Ashford


We spoke to Richard Stafford of Stafford Perkins Ashford who said - Having been involved with the commercial property market in this part of Kent for nearly 40 years it could be expected that I would know what to expect in the next 12 months or so. However, my crystal ball is as clear or murky as the next man’s. Let me explain how I see things at the moment in the three main areas of office, retail and industrial property.


The office sector is at last slowly picking up following the disaster that was the Covid pandemic, following which I don’t think we did any office lettings for 2 years although, we were successful in getting rid of just over 10,000 sq. ft. of office space right in the heart of the pandemic as one client looked to revert solely to home working and we were lucky enough to identify a utilities company looking for that amount of admin space.


Putting that deal to one side, the office market has been extremely sparce up until the middle of 2023, since when it has been evident that staff are returning to the office and we have been notching up more lettings with rents at pretty much the same level as they were pre-Covid, indeed we currently have 2 parties looking at the same 12,000 sq. ft. building.


The retail market has remained pretty stable throughout the whole post Covid era and we have still been instructing solicitors on a regular basis with regard to new retail lettings, some of these being driven by lease renewal events but some are fresh players to the area and more notably in the F&B sector with a prominent sushi operator about to re-locate into Ashford Town Centre as a prime example.


The majority of the time however, we find that covenant strength is less than most landlords would ideally be looking to accept and some of the uses become more repetitive, i.e. nail bars, Turkish barbers and tattoo parlours however, with


the internet revolution it seems that the majority of High Street occupiers are now providing services that are not attainable online, whilst there are plenty of places to drink a cup of coffee when searching the net!


The majority of our activity however, remains in the industrial sector and we continue to let industrial space across all the size categories with industrial rents still being far higher than we have ever experienced before and seeming to be accelerating at an untenable rate by comparison to the slower growth in the 80’s and 90’s.


£12.50 per sq. ft. is regularly being obtained which if you consider would attract a rates bill of a further £6 per sq. ft. or so, gives rise to property costs nearing £20 per sq. ft. if one includes a potential service charge on a regular estate. This is before you even start to heat or light a commercial building or even employ staff. These rents however, show no sign of diminishing at the current time as very little new space has been coming to the market although, several refurbishment schemes are bringing older space back to the market, in some instances at more realistic rents and we may start to see some stabilisation.


We have seen some industrial sites be used for leisure purposes, indeed we have recently sold 15,000 sq. ft. to become Ashford’s first padel court opening shortly, so there is certainly the possibility of further use changes in this direction.


Looking to the future, with Energy Performance Certificate requirements changing in 2030 we can expect to see a lot of landlords refurbishing property to achieve the higher ‘B’ grade required or disposing of stock they do not feel is capable of achieving the grade although, to be honest most of this older stock has already been jettisoned.


We don’t see the recent change in Government as having much of an impact in our provincial marketplace in this part of East Kent; the majority of our clients and tenants are carrying on “business as usual”, regardless of the hue of the incumbent government.


Sound Investment: Acoustic Solutions Pioneer Opens ‘Innovation Hub’


design was led by the esteemed architects, Urban & Rural, an East Kent- based business that specialises in contemporary, sustainable, and hybrid architecture. The headquarters occupies a former cement works site, breathing a new lease of life to the picturesque Medway Valley.


The site comprises two distinct buildings: the main office structure that boasts a modern open-plan workspace, meeting rooms, a welcoming lounge, and two storey warehouse. Serving dual functionality, the hub also functions as a captivating showroom where prospective clients can experience Oscar Acoustics’ products first-hand in a real-world setting.


The companion building is equally impressive, housing six two-story units, dedicated to the company’s innovation facility and expanded warehousing capabilities.


Photography by Hufton + Crow Industry leader, Oscar Acoustics, launches state-of-the-art headquarters


Oscar Acoustics, Britain’s leading provider of architectural acoustic finishes, has opened the doors to its newly built headquarters in Rochester, Kent. Aptly named ‘The Oscar Innovation Centre’, the new state-of-the-art premises will become a centre-point for market-leading acoustic solutions on some of the UK’s most ambitious architectural projects. It will also serve as a new base for the family-run business.


Following an intensive 40-week construction phase led by renowned contractor, WW Martin, the new headquarters stands as a testament to Oscar Acoustics’ commitment to growth and continued investment in the region.


This ambitious project, initiated in spring 2023 and completed on the early summer 2024, represents a significant milestone for Oscar Acoustics. The


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Central to Oscar Acoustics’ ethos is a steadfast commitment to sustainability and environmental stewardship. From the project’s inception, the company mandated the use of eco-friendly materials and construction methods where possible, and prioritised biodiversity in the surrounding area. To promote employee well-being and reduce its carbon footprint, the facility features amenities such as bike storage and shower rooms, encouraging staff to participate in a cycle-to-work scheme.


Elevating its sustainability efforts, Oscar Acoustics integrated a robust solar energy system, doubling the initially proposed quantity of solar panels on the roof. This strategic investment ensures that the building can operate entirely on solar power, aligning with the company’s overarching goal of remaining carbon neutral.


When tendering the build, they developed a stringent vetting process, only allowing ISO 14001-certified companies to bid for the contract, which ensured that a smooth transition from the design to the build, would be established. In 2020, the business itself became ISO 14001 certified.


COMMERCIAL PROPERTY MONTHLY 2024


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