Demand for commercial property in East Anglia up?
Fenn Wright’s three commercial offices in Chelmsford, Colchester and Ipswich all report an increase in the level of sales and letting activity across most sectors, with a number of the firm’s own clients now embarking on significant expansion plans, acquiring larger premises or additional branches, recruiting staff and investing in other business resources.
Demand for both commercial and residential development opportunities has also increased and the new Permitted Development (PD) rights has led to some interesting opportunities. One example is Eastgate House in Ipswich. This 18,000 sq ft redundant office building that Fenn Wright is selling for Threadneedle, has the benefit of PD rights for conversion to 25 flats with parking. This is attracting keen interest from regional developers. You can see full details here.
Commercial property also continues to prove to be a popular form of investment with the potential yields from good secondary investments proving to be attractive than returns from other asset classes.
The recent recession caused all speculative development in the area to be halted and the subsequent lack of newly built space throughout Essex and Suffolk, means good quality industrial, warehouse and office stock is in short supply. As a consequence we are seeing an upwards pressure on values with an increase in sales prices and rents as occupiers, investor and developers seek out scarce opportunities.
If you have a commercial property to sell or let, now could be a very good time to go to market. Any one of Fenn Wright’s commercial teams will be pleased to discuss how you could get most value from your property. Please get in touch.