| the south west


2017 THE YEAR OF SUCCES? W


by Stephen Brickell of Kavanaghs Commercial Property Management


ithout doubt 2017 has been a year of unbridled success for us in our core area of Wiltshire and also a year in which we have expanded into the M4 corridor and the Thames Valley. We have acquired for clients the Brickfields Industrial Estate in Bracknell which is an 18 unit estate producing in excess of £284,000 pax which we have since increased, and which was purchased for £3.8 million and we now fully manage the site. Another acquisition has been at the Kassam Stadium Leisure Park in Oxford where we agreed terms a 10 year lease


Stephen Brickell


on the 13,750 sq.ft of accommodation on behalf of a leisure operator.


Industrial lettings in our core Wiltshire patch have remained buoyant as demand continues to outstrip supply. At the Fiveways Industrial Estate in Corsham we have let units from 500 sq.ft to 10,000 sq.ft at rent of between £5 & £7sf with an average of a five year term. Discovery


Records Ltd took a 10 year lease on unit A11 in the autumn.


In the retail sector my colleague Jo Sutton took on the agency of The Courtyard at the Gateway Shopping centre and has just achieved full occupancy in time for the December quarter day of all 8 shops who are trading well. Offices remain a mixed bag but deals are in solicitors hands for office lettings of stand alone units of c.2500sq.ft and we have completed on other deals across the county all of a similar size. Larger units and the small suites without parking remain more troublesome to let. A good year? Undoubtedly so, but does it feel that way?….sometimes. Confidence within the market is mixed but the results show strong take up and consistent demand. Our investment sales have hit record yields with a portfolio of secondary retail units in Wiltshire achieving a net yield of 8% and an industrial sale in Corsham achieving a just under 7% net yield with only 2.5 years WAULT. Our management portfolio continues to grow and we now have a presence in London, the Thames Valley and are gaining further instructions in the South West.


specialist investment property advisor to Swindon Borough Council. The newly created role includes advising Swindon Borough Council on their existing commercial property portfolio, identifying potential inherent risks and providing advice on any necessary mitigating actions required The mandate also includes working closely with Swindon Borough Council to provide them with an investment strategy, following the Council’s decision to increase their exposure to commercial property investments in order to generate additional income to support the delivery of council services. Ian Lambert, Investment Partner and head of Hartnell Taylor Cook’s Bristol office who led the bid said “We are delighted to have been appointed as the Council’s specialist investment property advisor. This is a fantastic instruction providing a great opportunity to work with the Council in appraising their existing portfolio and to look at how they can increase their income stream over the next few years.


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NEW DEVELOPMENTS FOR SOUTH WILTSHIRE 2


017 saw a very active market for industrial property in South and West Wiltshire. At Solstice Park, a 160 acre business park on the A303 at Amesbury, the last few remaining plots are coming forward for development. EOS 1, a site of just under 8 acres has now been fully sold with a plot of 1.75 acres purchased by Travis Perkins for a new builders merchants. Alongside, Nationwide Engineering are constructing the first speculative development of industrial units in the area for some years. The Bluestone Centre will comprise 36 units ranging from 1500 to 2220 sq.ft and is being built in 3 phases. The first phase of units has now been completed and all the units are sold. Phase 2 is now under construction with 6 units pre-sold and due for completion in the spring of 2018.


Alongside the 2.76 acre Bluestone


Centre, tea importers Imporient have purchased a site of 1.4 acres for construction of a 25,000 sq.ft tea packing distribution warehouse for the Birchall’s Tea brand. Nationwide Engineering are undertaking the design and build project on their behalf. The remaining 0.6 acre site has been sold to Andover MOT Supercentre/Express Motor Workshop for a new Amesbury MOT centre of just under 8000 sq.ft.


Dean Speer of Myddelton & Major is pleased to report that the remaining 8 acres at Solstice Park has seen positive interest with potential plot sales in the making for around 4 acres from several owner occupiers.


There still remains an opportunity to acquire the entire site, which could accommodate up to 150,000 sq.ft, or potentially smaller plots of 1 to 8 acres. Between Amesbury and Salisbury lies


the High Post Business Park, a former substantial factory site which was purchased by M7 Estates and sub-divided into a range of individual units. All units there have now been sold, the most recent sale of 25,000 sq.ft to Kong, bringing their total occupation on site to 100,000 sq.ft, the sale of Technology House to a speculative investor and subsequent letting


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of part to a major healthcare provider and the sale of the remaining 50,000 sq.ft warehouse to an owner occupier for storage and distribution.


Industrial stock levels in the Salisbury and immediate surrounds are now at a figure of around 200,000 sq.ft, down from a peak of 600,000 sq.ft to levels last seen in early 2007.


Hopefully the lack of supply, particularly in the smaller end of industrial space will continue to stimulate new developments of business units.


The office market has seen the sale of


Warner House, formerly occupied by Friends Provident/Aviva to Ameriscot Commercial, specialist investors in office buildings. They are planning to fully refurbish the building, which should be available to let in late 2018 and will provide the first high quality refurbished space in the City Centre for a number of years.


COMMERCIAL PROPERTY MONTHLY 2017


artnell Taylor Cook LLP is pleased to announce its appointment as the


HARTNELL TAYLOR COOK LLP APPOINTED


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