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The general sentiment , certainly in this region , is that Brexit will take time to resolve so since the vote it has been business as usual , with the majority of companies continuing with agreed strategies and plans .
New stock is coming to market in the area ; ground works equating to £ 2 million for the New Hawke Ridge Business Park , Westbury , have been completed and following local demand , a second detailed Planning Application has been submitted for a roadside scheme to include a drive through . Work is also well underway to develop a small unit scheme ranging from 1,000 – 5,500 sq ft . Furthermore , the relocation of Herman Miller to a site adjacent to the A350 at Melksham has released its former building in Chippenham , extending to 75,000 sq ft , which has been refurbished this year and is now being offered at £ 6.25 per sq ft . Following four big shed deals in
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Swindon and a lack of replacement stock , industrial stock levels are at an all-time low of less than one million sq ft in Swindon , with no units currently available above 100,000 sq ft . Significant deals in the county include the relocation of Cooper Tires from its 14-acre site on the Bower Hill
“ The widespread lack of stock has seen a rise in rents and capital values with increases of up to 30 %”
Industrial Estate in Melksham to a 200,000 sq ft building in Swindon .
To the west , Bath based bathroom supplier Roper Rhodes has purchased a 195,000 sq ft warehouse in Portbury near Bristol , leaving two 7,000 sq ft trade
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counter units in Bath which were swiftly snapped up and are now both firmly under offer . Further south , military activity in the Amesbury / Bulford area , in the form of new housing and the expansion of the Army Garrisons , has attracted Travis Perkins to Solstice Park , who will be developing a 10,000 sq ft facility on a 1.75-acre site .
There is strong demand for freehold industrial units , particularly in the smaller size ranges , which is evidenced by the level of enquiries received at Hawke Ridge Business Park , and the popularity of the Glenmore and Rockhaven small unit schemes recently developed in Swindon .
The widespread lack of stock has seen a rise in rents and capital values with increases of up to 30 % over the past 18 months in some parts of the county . This context of limited stock has benefitted landlords , who are experiencing good occupancy rates on their portfolios with reduced rent-free periods on new leases .
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Despite the uncertainty of the Brexit negotiations , the year ahead is likely to be as exciting as the last , with growth in both rent and capital values for existing stock and strong investor demand . With a depletion in stock levels , occupiers will look to pre-lets and pre – sales at new build developments , such as Hawke Ridge Business Park , to resolve their storage requirements . This activity will stimulate and encourage existing and future business growth in Wiltshire . |
THE BUSINESS EXCHANGE 2017 29 |