Commercial Property Update - January 2016

Commercial Property Update - January 2016

A round-up of the month's commercial property updates...

North East

West Midlands

Yorkshire

 

North East

Teesside independent commercial property consultants Dodds Brown LLP has been appointed to market 7,000 sq ft of office space at Teesdale Business Park in Thornaby-on-Tees, one of Teesside’s premier office parks.  When the space is let, up to 70 new jobs could be created.

Acting on behalf of the landlord Buccleuch Estates, Dodds Brown is seeking to let 7,000 sq ft of high specification, fully refurbished office space at Christine House on Teesdale Business Park.  The space can be split into areas from 1,000 sq ft upwards. 

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West Midlands

The last unit at Hortons’ Estate’s 5 Lower Temple Street, Birmingham, has been let.

Studio Figura has taken 935 sq ft for a weight loss and body-shaping studio. The company has a six-year lease on the second floor premises, at an annual rent of £12,600.

Hortons’ has also hung the ‘fully let’ sign at its 21 Bennetts Hill and 7 Whitehouse, New Street, office developments.

Nina Meeks of Hortons’, said: “We have three properties clustered around New Street. In the last six months we have filled all the void space as confidence in the economy has returned and the infrastructure investments around Grand Central have taken shape.”

Hortons’ owns and manages nine office schemes in Birmingham city centre, totaling 175,000 sq ft.

The family owned property company will release 16 new office suites at The Grand, Colmore Row, early in 2016.  These range from 183 -2,800 sq ft and are available through agents Johnson Fellows and Lambert Smith Hampton.

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Yorkshire

Two units have been let – and a third is imminent – following the extensive refurbishment of two former wartime munitions factory buildings at Thorp Arch Estate this summer.

The lettings have been made to Aerotech Abrasives Group Ltd and Stuart Hirst Ltd at Units 710 and 715 where refurbishment has created six new individual industrial units ranging from 1,159 sq ft to 2,539 sq ft.

Director of Wharfedale Property Management, which manages Thorp Arch Estate for owner, Rockspring Hanover Property Unit Trust, Tim Munns, says: “We are encouraged by the speed of the lettings at these two units. This follows the successful refurbishment of Units 713 and 726 in 2014 where five of the units were let upon completion of the refurbishment works and all nine units were let within six months.

“As a result, Rockspring Hanover Property Unit Trust has decided to proceed with speculative new development at Thorp Arch Estate for the first time since 2005 and is starting work on creating seven industrial units of between 3,000 sq ft and 4,000 sq ft each, which are due to complete in July 2016."

The two-million sq ft Thorp Arch Estate is base for a diverse range of more than 140 businesses, from start-ups to large Plcs, operating in local, national and international markets and employing more than 1,800 people.

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AWS have let over 6,000 sq ft of space to Pecan Candy Deluxe at Ashbrooke Developments in Sherburn In Elmet.

The high profile sweet manufacturer has taken the entire first floor of Lincoln House, with AWS and GVA jointly marketing the remaining two ground floor suites of 1,800 sq ft and 1,152 sq ft which can be occupied individually or combine to provide a suite of just below 3,000 sq ft.

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Sheffield South East MP Clive Betts has praised a developer's intuition to take an unused brownfield site in South East Sheffield and transform it into a new industrial park.

Mr Betts praised the newly completed Vantage Park development, built with £1m funding from the European Regional Development Fund (ERDF), which has already attracted five new companies to the area.

Mr Betts said: "This is exactly the type of modern industrial usage we want in the area offering crucial employment opportunities through the regeneration of the area. This park is already home to five new tenants. This success shows that speculative development is worth doing here and business owners see the value of being located in Tinsley."

British Glass, Plascompo, Prosurface, Cafeology and Interlink have all located to Vantage Park on Sheffield Road which was speculatively developed by Rotherham property company and investor E V Waddington Limited.

Just four units remain from the 10 built in the already established commercial location which fronts onto Sheffield Road close to junction 34 of the M1 and is home to occupiers including Tata Steel, The Symphony Group and Parcel Force.

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