The South West Cornwall 2019 – 2020
and car parking remains a high priority. There has been growth in the popularity of more flexible arrangements for office accommodation but there are still few truly flexible workspaces as most landlords continue to need the security of traditional leases.
In a similar article this time last year I referred to new developments such as Cornwall Council’s schemes at Newquay Aerohub and ESAM at Carluddon on the outskirts of St Austell and the majority of this space is now either let or under offer, underlining good levels of demand for new workspace. We have also seen success with lettings of a private sector development at Helston in South Cornwall proving that commercial development can be achieved without a grant support.
Alan Treloar, Vickery Holman
Everyone involved in the property business in 2019 needs to be congratulated! Despite what felt like the best efforts of many of those in power to derail things with so much uncertainty during 2019 the property market in the far South West, where we operate, carried on in relatively good shape – all things considered.
The industrial sector has continued to perform well over the past 12 months in Cornwall. As ever there is a shortage of good quality stock and we have seen a general increase in the tone of rentals being achieved and in turn this is filtering through to rent reviews and lease renewals.
Looking back over the past 12 months we also saw some increased activity in the office sector which has been relatively static for so long. As ever office occupiers are drawn to the best quality space on offer in their preferred location and the combination of good transport links
Kier
Efforts to uplift the duchy of Cornwall in South West England, after it has been known for some time as one of the most poverty stricken areas of Europe, are well underway, with the upgrading of the A30 expected to bring new investment and with a new office development just off of the A30 near Pool.
Going into more detail, the Chy Tevyans office development has been commissioned by the Cornwall Council and the European Regional Development Fund at a cost of £4.3M, appointing the contractor company Kier to construct 12 suites of office space over a total of three-storeys, covering a total area of 1,500sq m.
The office space in question will be modern and state-of-the-art, being built to an ‘Excellent’ standard under the BREEAM criteria.
The Area Manager for Kier Regional Building Western and Wales, Chris Couch stated: “We are delighted to be delivering new office space in Pool. Working in collaboration with Cornwall Council, Chy Tevyans will provide first-class facilities for local businesses.
“Over the duration of this project, we will work with our local supply chain, provide training opportunities through our Employment Skills Plan and engage with the local community.
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We look forward to delivering this new work space that will bring a range of benefits to the Pool area for years to come.”
Construction of the office development is expected to continue until the end of the year and will engage with the local community wherever possible, offering training and apprenticeship opportunities to local people.
The Cornwall Council’s Portfolio Holder for Culture, Economy, and Planning, Councillor Bob Egerton commented: “This new development in a strategic location close to the A30 will offer much needed high- quality accommodation for businesses looking to expand.
"It contributes to Cornwall Council’s strategic aim to increase high wages and high skilled local employment.”
The Chief Executive of the Cornwall and Isles of Scilly Local Enterprise Partnership, Glenn Caplin added: “The tech sector is growing in the Pool area and by providing more high quality, fibre connected office space we are supporting the continued growth of this important cluster."
"I look forward to seeing the first businesses moving in next year.” COMMERCIAL PROPERTY MONTHLY 2020
The retail market remains as challenging as ever with the Cornish tourism destinations still attracting new occupiers but the traditional market town locations bumping along at best. There are still roadside and edge of town requirements seeking out infill locations and 2020 looks like being a year in which there will be further roadside applications being considered. There is also still some appetite amongst discount retailers, again for infill locations and 2020 will potentially see further activity though suitable sites remain at a premium.
The leisure market should continue to prosper with the popularity of holidaying at home showing no signs of changing. Amongst various new developments, 2020 will see the opening of the new Holiday Inn Express at Cornwall Services alongside the A30 in mid Cornwall and also a new Premier Inn in Penzance which represents a great injection of investment in the seaside town which should bring benefits for many traders. Again in the far west, the re- introduction of helicopter services to the much loved Isles of Scilly is another significant investment for the area.
The first few weeks of 2020 are behind us already and the level of enquiries and activity across most sectors is suggesting a general confidence that we trust will stay with us throughout the year.
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