Logistics and office sectors continue to flourish
Despite the current economic and political challenges, the Essex and Suffolk commercial property market has continued to thrive, with the office and industrial/warehouse sectors showing their resilience.
All of our offices are receiving a good level of enquiries for freehold properties across all sectors, from investors, occupiers and developers. The ongoing shortage of supply has resulted in high levels of competition for the vast majority of freeholds coming to the market, which in turn has led to strong prices being achieved, typically in excess of guide prices and regularly involving cash buyers.
Occupational requirements within the office sector continue to evolve as flexible, hybrid working arrangements become an established practice. More businesses now have a settled premises strategy leading to cautious, yet committed plans to acquire appropriate office space for their future needs. There is now a clear trend amongst regional businesses to ensure they have the best and most flexible working environment they are able to secure. Recently, we have helped a number of growing professional services firms identify and secure better quality offices.
We have seen ongoing growth within the industrial/warehouse sector. The designation of Freeport East, comprising Felixstowe and Harwich Ports, together with Gateway 14, has further bolstered demand, as demonstrated by the The Range’s commitment to a 1.2 million sq. ft. distribution centre at the Gateway 14 site, which will provide approximately 1,650 jobs. Sizewell C has now received planning permission and with the Government likely to announce an investment of £700 million in the next 24 hours, this major project will continue to fuel the local market.
The increase in activity within the logistics sector is clearly evident by the various large scale warehouse schemes which have appeared along the A14 corridor, yet demand still outstrips supply, with record rents and capital values being achieved on recent sales and lettings across all size ranges. Below are a selection of properties currently available with our Commercial departments.
820 The Crescent, Colchester Business Park – To Let £90,000 pa
This modern two storey office building was constructed in 2007 with a mix of open plan and cellular accommodation. The first floor accommodation is available to let on a new effective full repairing lease, with lease length and terms to be agreed, at a rent of £90,000 per annum. Contact our Colchester Commercial team on 01206 854545 for more information.
Suffolk Central Business Park, Chilton Leys, Stowmarket – POA
Suffolk Central Business Park is located on the edge of Stowmarket, just 3 minutes drive from the A14. The offices provide accommodation over two floors with each office designed to be taken as an individual unit of 2,500 sq ft or combined with adjoining units to offer up to 10,000 sq ft. Available for sale or to let, price on application. Contact our Suffolk Commercial team on 01473 232701 for more information.
Tungsten Park, Eastways, Witham – To Let £122,250 pa
These newly constructed premises provide 10,039 sq ft of warehouse space together with 1,079 sq ft of first floor office accommodation. There is an impressive reception area, with accessible WC on the ground floor, leading to an open plan first floor office with kitchenette and two WC’s. The warehouse features an eaves height of approximately 8m and a ridge height of 10m with an electrically operated loading door. The premises are available to let on a new full repairing and insuring sub-lease, with lease length and terms to be agreed, at a rent of £122,250 per annum, plus VAT. Contact our Commercial team on 01206 854545 for more information.
