Hat trick of industrial property transactions
Two of the deals were in Colchester’s Cowdray Centre, and the third, the freehold sale of a purpose-built modern warehouse, was in the heart of Sudbury’s Chilton Industrial Estate.
Fenn Wright Partner and Head of Commercial Lewis Chambers believes the transactions are indicative of improving values and demand for commercial properties generally.
“We are experiencing very strong demand for good quality and well-located industrial premises in both Essex and Suffolk,” he said. “The shortage of good specification accommodation is proving problematic for some businesses who are unable to identify new premises for expansion. If this trend continues it seems inevitable that we will at last experience some upward pressure on rental values, which will be a welcome change in market sentiment for landlords”.
In Colchester, acting on behalf of F and C Reit, adjoining units at 11 and 12 Mason Road have been let to expanding local company IKAS Kitchens. Offering a combined gross internal area of 6,250 sq ft, Fenn Wright secured six year terms offering upward only rent review after three years at a rent in excess of £5.75 per sq ft.
Also on the Cowdray Centre, international guitar supplier Peach Guitars have doubled the size of their Colchester branch to some 5,700 sq ft with the acquisition of Unit D10. Established in 1991, Peach are a family business with a second branch at Braintree and exclusive distribution rights on a number of top brand instruments.
Finally, acting jointly with Sudbury commercial property company Birchall Steel and on behalf of Mazars, administrators of Forward Wholesale Ltd, the sale of an 18,885 sq ft warehouse on Northern Road in Sudbury concluded successfully after considerable competitive interest. The high bay building, constructed in 2008 has been purchased by expanding local industrial equipment suppliers AFT Trenchers.
Details of all types of commercial property, including several remaining at the Cowdray Centre, are available online.