What’s happening in the commercial world in Sudbury?
Fenn Wright have a long involvement in the commercial property market in Sudbury and continue to advise many of the largest employees in the town to include Mander Walsh how became Prolog, Ciba Corning who following various mergers and acquisitions now trade as Siemens, MEL Aviation Erben, Lait and a host of other local businesses.
Significant projects in which Fenn Wright have taken a key role include the development, letting and subsequent sale of the Shawlands Retail Park, the acquisition of Sulbury House in North Street for Prolog, the sale of the 8 acre site on Churchfield Road to The Suffolk Primary Care Trust, the same site which now accommodates the Sudbury Community Health Centre, the sale of the ‘Forward’ Wholesale building on Churchfield Road and the sale of the 24 acre development site at Churchfield Road, also to Prolog.
43,000 sq ft warehouse let on behalf of Lait Storage
The Limes, Great Cornard
2,633 sq ft office freehold sold
18,885 sq ft freehold sold
17,988 sq ft freehold disposal close to asking price £670,000
Letting on behalf of J&J Howletts Ltd. 10 year lease to Big Cars at close to quoting rent of £39,500 pa.
Freehold sale of 0.9 acre site for Stephen Walters & Sons Ltd
Demand for industrial premises in Sudbury currently exceeds supply. A tour of the principal industrial estates at Northern Road and Woodhall quickly reveals no empty units and Fenn Wright have a register of both freehold and leasehold applicants actively looking for new premises but unable to identify premises to occupy.
This situation has persisted for almost 12 months and one inevitable consequence is an increase in both rental and capital values; when well located and specified properties do become available there is a competitive demand for them. Good industrial units of up to 2,000 sq ft currently command rentals of no less than £5 per sq ft with values reducing as lot size increases. With construction costs out pacing rental values the prospects of new units being constructed on a speculative basis is limited and in the short to medium term we therefore expect this upward pressure on values to continue and the trend for demand exceeding supply to be maintained.
Retail in Sudbury
The retail market in Sudbury, as with many nearby market towns has struggled to recover from the recession. The anticipated departure of both Argos and Sports Direct in North Street will be damaging to the towns retail offer.
In recent months we have acted for landlords renewing leases on other premises on Market Hill and more positively values are stable with circa £40 per sq ft routinely achieved on the south side and £55 per sq ft along the preferred northern pitch.