INCREASING activity in the office market suggests that suitable accommodation is becoming more difficult to find since the planning rules changed to allow offices to be converted for residential use, according to Hadland Chartered Surveyors.
Permitted Development Rights, introduced in 2016, allowed for a change in use from offices to residential without the need to apply for planning permission, and proved popular with property owners who were able to take advantage of the demand for living accommodation. Office space which may have previously sat empty or was not suitable for modern occupier needs may have found an alternative use. There has also been a significant increase in freehold office enquiries for both on and off market opportunities.
Elliott Halliwell, Graduate Surveyor at Hadlands, said: “In Northampton town centre, the influx of students that will come with the new University of Northampton campus opening in September made the potential for conversion a lucrative prospect.
“A lot of existing office space was converted, offering landlords the chance to achieve a good return on their property with demand expected to be high, but it has also meant that good-quality office space within the town is not as readily available as it used to be. Smaller office space that does become available is getting a lot of interest from prospective tenants, due to the reduction in stock available.”
Recently let by Hadlands was the first floor of 56 Sheep Street in Northampton town centre. The property was let to recruitment company Staffing Match, which was looking to establish an office in the county, at a rent of £6,000 per annum.
Within the same building, Hadlands is offering the third floor to let at £5,000 per annum. The rental price for the 539 square foot suite includes heating and lighting and qualifying businesses would could get up to 100 per cent small business rates relief
A ground floor office suite in Chancery House, at 52 Sheep Street is also available. The modern offices in a character building total 1,646 square feet and are available at an asking rent of £16,500 on a new lease.
Close to the town centre, an office building with potential for conversion to residential use has come to the market at £435,000. A recently-refurbished character building with many period features, 20 Billing Road is likely to appeal to investors, developers or owner-occupiers. In one of the town’s busiest and prestigious office and residential areas, the building has parking for six to eight vehicles and is just a short walk from the town centre.
For more details of these or any other properties available through Hadland Chartered Surveyors, telephone 01604 639657 or visit the website www.hadlands.co.uk
