The general mood in the country over the past month has greatly improved with the easing of lockdown restrictions and more chinks of light at the end of the tunnel. The Northampton industrial property market has been moving along unabated since the start of the pandemic in March last year and shows no signs of slowing down.
There is still a high level of demand from occupiers requiring warehouse space to satisfy the insatiable demand from online consumers. We have found, over the past few months, supply of new and existing units is the biggest challenge that the market faces.
An eight-acre site in Northampton has been acquired by Trebor and Hillwood who have bought land at Crow Lane and propose to speculatively develop two units of 90,014 square feet and 57,834 square feet.
Site preparation works have commenced and a planning application has been submitted. Subject to consent, the development will start on site later this year, for delivery of units in early 2022. Drake Commercial and Knight Frank are letting agents on the scheme.
Practical completion of comprehensive refurbishments have completed on 1-2 Weddell Way, Brackmills, which provides 19,280 to 38,560 square feet of detached warehouse with secure yard. Works include new roller shutter doors, a new roof as well as comprehensive refurbishment internally. Drake Commercial and TDB are letting agents on the unit.
Refurbishment has also completed on Westgate 8, a 55,872 square foot detached warehouse on Westgate Industrial Estate to the west of Northampton town centre. The unit benefits from through loading and yards to the front and rear of the property.
The unit has been fully refurbished to an excellent standard and is ready for occupation immediately. With an eaves height of 7.8m and situated only two miles from the M1 at J16, the unit is generating strong interest.
We are marketing a new scheme of industrial units on Moulton Park on behalf of Princebuild, who have constructed six new units of 1,500 square feet. We have secured two pre-lets to major trade counter operators and have received strong interest in the remaining units. The site is well located next to Hevey builders merchants and close to the newly opened Greggs and Bewiched Drive Thru.
There has been a good level of demand for units both on a leasehold and freehold basis. There are currently fewer than 20 existing units on the market up to 100,000 square feet in Northampton, with a number of these properties close to going under offer.
It is clear that rental and capital values are rising further still, which shows no sign of slowing down given the market dynamics at play.
For more information contact Drake Commercial on 01604 620616