Industrial market ‘shows strength’
Commercial property consultant Trevor Dawson says a spate of recent transactions illustrates the strength of the East Lancashire’s industrial market especially in prime locations.
The firm’s Burnley office has revealed it has completed or agreed terms for “numerous industrial buildings”.
A 20,000 sq ft speculative scheme undertaken by Barnfield Construction at Empire has been completed and is now 100 per cent occupied.
And 5,000 sq ft at Valley Forge Business Park in Nelson has been sold to a local occupier for expansion.
Nearby, the construction of Pendle Court continues, with Sugdens scheduled to relocate in summer 2019.
The final phase of Pendle Court provides 11 starter units which will be constructed later this year. The firm says a high percentage of the units have been reserved.
Elsewhere, a 42,500 sq ft unit was placed on the market last month and already terms have been agreed with a local occupier to acquire the building and expand within Burnley.
And a modern unit within Shuttleworth Mead is also under offer, with Trevor Dawson saying “numerous parties” are showing interest.
Next to Shuttleworth Mead, a speculative scheme is being undertaken by Business First and is currently coming out of the ground. The site provides 13 units in total and approximately 75 per cent of the buildings are now reserved.
Elsewhere in Pendle, Trevor Dawson is advising developers on two sites which are likely to see planning applications come forward later this year.
Director Michael Cavannagh said: “There is undoubted pent up demand for quality industrial and warehousing accommodation in well located business parks.
“When stock does come to the market, especially on a freehold basis, there are potential occupiers keen to relocate into better well planned accommodation.
“Two recent instructions have resulted in us requesting best and final offers which further illustrates this point”.