| wales
AVAILABILITY OF GRADE A OFFICE SPACE
significant size and are typically located centrally, making them the most desirable properties on the market. These buildings tend to have raised floors, suspended ceilings, lifts, air conditioning and other state-of-the art features and facilities, and have been furnished to the highest specifications out there.
G
The main problem that we encounter, is that there is a lack of grade A space in Swansea and further west. As an agent we are continually left with office space in older buildings with limited
infrastructure, access and facilities.
Our agency
department recently
Nicholas Founds
completed on a lease of an
rade A office buildings are somewhat in demand. They commonly have
office suite (576m² (6,200ft²)) in the centre of Swansea. The office is in a great central location but is some way off being grade A and therefore only commanded a low rent. Alongside the low rents that are being achieved we often encounter negotiations around lease terms and initial incentives
Alongside the low rents that are being achieved we often encounter negotiations around lease terms and initial incentives which cause the effective rents to be even lower.
which cause the effective rents to be even lower. The introduction of minimum energy efficiency standards in 2018 may also cause the rent values between grade A and C office space to widen even further. In our view tenants and investors will start to look more closely at the EPC ratings of premises,
by Nicholas Founds, Agency Surveyor, Rowland Jones Chartered Surveyors.
which in turn may influence their decision to opt for more efficient grade A space. This will compound the problem for older office blocks.
Rowland Jones Chartered Surveyors are
excited to be instructed on a prestigious development alongside the Tywi River in Carmarthen Town centre. The development will provide circa. 30,000ft² of quality office space with outstanding river views. Not only will this scheme be great for SME’s in Carmarthen but will give an opportunity to businesses that are located further west to have a presence in a larger town. This 3-storey office scheme will provide
flexible sizes from: 70m² (753ft²). It is in a central Carmarthen location with M4, train & bus stations nearby. The aim is to provide quality space with a community feel for the businesses that will occupy the suites. Six meeting rooms, conference facility, reception area, breakout space, small café and parking will also be provided. For further information please contact Rowland Jones Chartered Surveyors.
info@rowlandjones.co.uk
Fforestfach area of Swansea Acquired by
developer Propsect Estates in 2014. At the time of acquisition the property was
vacant and in poor condition. Being located at the end of Queensway in
the Fforestfach area of Swansea, Prospect identified the site as having potential for regeneration due to it’s location in this popular industrial estate. Since acquisition the developer has invested considerably in the site. A strong demand from local occupiers was identified and so the company initially set about developing units typically ranging in size for 4,000 sq.ft to 12,000 sq.ft. In order to do this part of the site was demolished to create access into the units. The units were then created by carving up
existing units, reroofing, installing new services and then redecorating. The units drew attention from the leaseholders and freeholders and as such were offer to the market on both
a leasehold and freehold basis. In addition to this 94,000 sq ft of the site was redeveloped and leased to a national logistics company. A further building was then redeveloped for service office accommodation.
A new phase has just begun in the development of the site with the split of a 60,000 sq.ft into units of circa 9,000 sq.ft.
For further information on the site please contact Prospect Estates on 01943 850111.
48 COMMERCIAL PROPERTY MONTHLY 2017
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