the south west |
CORNWALL NOT JUST FOR HOLIDAYS
ornwall has recently been voted the UK’s Best Holiday Destination for an incredible ninth year in a row. This is good news as tourism accounts for 25% of the economy. The weak pound has undoubtedly helped to boost visitor numbers with more people choosing to holiday at home rather than travel abroad. We have also seen more visitors coming from Europe,
C Mike Nightingale
partly to do with a favourable exchange rate but also the fact that the county receives free Sunday prime time marketing across Northern Europe via Rosamund Pilcher films shot in the Duchy. At the same time Newquay International Airport is receiving unprecedented growth and the A30 is now finally dualled across the infamous Temple bottleneck.
What does all this mean for our
Commercial Property Market? Firstly we have noticed increased investment in tourism related businesses: holiday parks are achieving premium figures, hotels are upgrading and the small hotel/ large guest house sector is performing well despite increased completion from the budget sector. There has been an explosion in new openings in the café and restaurant sector which has helped the high street remain strong and maintained rental levels which would have struggled in the face of competition from the e-retailing. Cornwall is well regarded as a food producer not only via its traditional fishing and farming industries but also for the production of premium brands and products. There is however an acute shortage of industrial space with grant funding required to make development viable. This support has all but dried up with two of the last few remaining grant assisted schemes due to come out of the ground in the Spring. Falmouth Developments will shortly be cutting the turf on Bickland Industrial Park, Falmouth where there are 7 blocks of
industrial/hybrid units totalling just under 50,000 sq.ft of accommodation. Most of these premises are forward sold although some will be returning to the market on a leasehold basis. At Scorrier, adjoining the A30 just outside Redruth the Cornwall Business Park is faring well with 50% either sold or under offer and JAD Developments having secured planning consent and grant funding for a speculative 14 unit scheme totalling 37,500 sq.ft. This scheme is also due to start in the Spring.
I have to mention Brexit as Cornwall has benefitted immensely from European Grant funding for the last 17 years. It is imperative that the county continues to receive this support as without it growth will suffer. We need strong leadership from our MP’s and the LEP to ensure that we are not overlooked in the post Brexit world in favour of other larger parts of the UK such as the Northern Power House which has a stronger voice and greater representation in Westminster.
Salcombe – The Old Bank, 60 Fore St – To Let:
The former Lloyds Bank in the heart of Salcombe, available To Let at an annual rent of £40,000 pa and would suit a variety of users from A1 retail to A2 professional services and A3 restaurant and cafe (subject to the necessary consents). 950 sq ft (88 sq m). Offers for the freehold will also be considered.
Modbury – Former Lloyds Bank, 13 Broad Street – For Sale: Located in a prominent position in the middle of the charming South Hams’ town of Modbury, the former bank is available For Sale. The building comprises the old banking hall on the ground floor and a residential flat on the upper floor. There is a large garden to the rear with several outbuildings. 1,400 sq ft (130 sq m) on the ground floor. Asking price £330,000.
St Mawes – Former Bank, 3 The Quay 17 Fore St, Lostwithiel – For Sale: A ground floor retail unit located in a prominent position overlooking the Harbour in the affluent town of St Mawes. The premises are considered equally suitable for A1 Retail or A3 café/restaurant uses. 1291 sq.ft (120 sq.m) Asking Rental £25,000 per annum excl.
Torquay - Retail/Restaurant, 26 Union Street. To Let: Ground Floor retail with first and second floor ancillary accomm. Close to Caffe Nero, Holland and Barrett, Vodafone, H Samuel, Primark, Thorntons and the Card Factory. The premises will suit café/restaurant or retail uses. Ground Floor 103.7 sq.m (1,115 sq.ft). Asking Rental In Excess of £20,000 per annum excl.
COMMERCIAL PROPERTY MONTHLY 2017
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