AS is perhaps evident from our advert showing the highlights of current and future potential development in Northamptonshire and the wider region, there is much activity in the area, which is largely precipitated by the current conditions of the commercial property market.
There has been consistent development of what are known as ‘super sheds’ which are popular in this part of the UK, due to the motorway infrastructure and excellent access that this provides. In the last 12 months, however, it has become glaringly apparent of the requirement for new small and mid-sized business premises, particularly in the industrial and production sectors.
There has been significant activity in Northampton on Brackmills with Cabot Properties having secured the letting of C172 to Dachser, increasing their presence on the estate. The deal came after the letting on the adjacent plot to sportswear retailer, Decathlon who took 250,894 square feet. Elsewhere on the estate, Liberty are speculatively building 196,000 square feet following the demolition of the Howard Smith warehouse.
Significant development is taking place elsewhere in Northampton at Pannatoni Park. Builders are on site committed to spec building three units totalling 618,000 square feet which will be available for occupation in 2019. There are also several build to suit options which bring the overall space available here to 1.6 million square feet. In addition to this, to the north side of town, Gazeley are speculatively building three units from 50,350 to 155,277 square feet at G Park located on the former Robert Horne building on Moulton Park. Stock is still very tight in Northampton and the current vacancy rate for buildings below 100,000 square feet is circa 2.5 per cent with little development in the pipeline to assist the shortage.
Elwewhere in Northamptonshire, Drake Commercial, acting jointly alongside BNP Paribas, are now marketing the first two phases of employment land to be released within Stanton Cross, Wellingborough, a new flagship mixed-use development, promoted by Bovis Homes and their commercial development partner St Modwen. Once complete, Stanton Cross will provide 3,650 new homes and community facilities in addition to 15m square feet of industrial, leisure, retail and office space predicted to deliver around 3,000 new jobs. The first two employment phases include Stanton Trade Park and Stanton Industrial Park which will provide a range of warehouse and industrial units from 2,500 square feet to 158,000 square feet. The road infrastructure work is already under way and St Modwen are aiming to be on site constructing new buildings in the Spring of 2019.
Drake Commercial have been very active in Daventry where there is currently a chronic lack of available stock. This is having an adverse impact on many businesses in the town who are struggling to expand due to the lack of readily available, good-quality stock. This has meant traditionally more secondary locations such as Woodford Halse have risen in popularity. Drake Commercial are letting agents at Manor Business Park where 50,000 square feet has been speculatively built over the past two years. The latest unit, 15,000 square feet has been partly pre-let and there is just 5,000 square feet remaining, which is close to going under offer.
Towcester has, for a long time, been increasing in popularity, with residential values rising and the town centre now popular with both national and boutique retailers. Something that is perhaps less considered is the excellent infrastructure the town possesses for industrial and logistics companies, with easy access to the M1, M40, A43 and A5. With this in mind, our clients Hampton Brook are planning a new high-quality warehouse development branded as Formula 40, which provides visibility from the A43 roundabout, located near Tesco. The property can be offered in its entirety (40,000 square feet) as a new HQ facility, or it can be split from 14,000 square feet upwards. Interest is expected to come from a range of parties, potentially motor related operators looking to be close to Silverstone.
Drake Commercial are currently acting jointly alongside Bromwich Hardy at Europark located off A5, less than five minutes from J18 of M1 motorway. Our clients, Richard Utley Ltd have submitted a planning application for a speculative 47,000 square feet unit on the main site. This will be available to let. Further to this, we are also marketing plots A and B – 24,000 and 33,000 square feet respectively – on the entrance to the site, fronting the A5. These units benefit from outline planning permission and could be delivered in 10 to 12 months. This will provide much needed mid box stock to the market. The units are available for sale or to let and we have already received significant interest from various parties.
To discuss your planning, development or wider commercial property matters, contact Drake Commercial on 01604 620616 or