Commercial property market strengthens
Published November 14th, 2017
After an uncertain summer the commercial property market is showing good signs of recovery in Northamptonshire with deals completing and demand increasing across the board.
“During the summer holiday period we experienced a feel of uncertainty and nervousness towards both the occupational and investment markets however we are pleased to say that, in contrast, September and October have been busy with various properties completing in the county,” said Duncan Batty, a commercial property agent with Berrys based at the Towcester office.
“We have been instructed on a number of office and industrial properties over the past two months which have all received strong levels of demand both on a freehold and leasehold basis,” he said.
Demand for freehold offices remains strong which is demonstrated by the recent sale by Berrys of the modern office block at 28 Ashby Road, Towcester which achieved a strong sale price off-market.
There are also opportunities for high street retail units with offices above which can be converted to residential which can yield good returns but these require purchasers willing to speculate and take on the risk, he said.
In the industrial market most types and sizes of buildings continue to be sought after, especially where there is either long-term income guaranteed or opportunities to refurbish older buildings.
“The recent interest rate rise to 0.5 per cent on November 2 does not appear to have had any immediate impact on the Northamptonshire market, however we will wait to see how the market reacts in the longer term,” he said.
“Property owners and investors are becoming increasingly aware of the impact of the impending legislation under the Minimum Energy Efficiency Standards whereby it will be unlawful to rent a property which breaches the requirement for a minimum rating of Band ‘E’.
“This change in the legislation may provide opportunities for acquisition as owners that do not have the capital or desire to undertake improvements to buildings to improve energy efficiency may wish to dispose of property.” Duncan added.
For further details contact Duncan Batty at the Towcester office of Berrys on 01327 356148, email mailto:email@example.com