The Business Exchange Swindon & Wiltshire Edition 40: Dec/Jan 2018/19 | Page 41
COMMERCIAL PROPERTY
SWINDON & WILTSHIRE STILL A
PRIME & UNIQUE LOCATION FOR BUSINESS
Despite a challenging 2018, local
property experts believe our area
is still an attractive prospect for
investors.
We spoke to Daniel Smethurst,
director of Smethurst Property
Consultants and Alison Williams,
associate partner at Carter Jonas
to get their insight into the current
market conditions.
Transactions across the
county have been slower this
year, with political uncertainty
and the potential impact of Brexit
influencing the decision-making
process and frustrating the
market. However, the second half
of the year is said to have been
more encouraging with a general
improvement in enquiry levels and
increased viewing activity.
Daniel Smethurst said:“Whilst
there has been a lack of any
sizeable office transactions in
Swindon over the last 12 months,
there has not been a complete lack
of activity in this sector. Corporate
occupiers in the region are
exercising caution in their decision
making, at least in terms of their
property strategy. There are
several larger unsatisfied office
requirements, and should these
do come to fruition, they will prove
to be major deals for Swindon and
will have a dramatic and positive
effect on take up figures.
“The out of town market has
continued to dominate letting
activity in Swindon. Office supply
in the town has continued to fall
as further office buildings have
been converted over to residential.
These include Newsquest’s former
building in Old Town, Alexander
House and Maxwell House in the
Town Centre. With no speculative
office development on the horizon
some landlords have taken the
opportunity to reinvested in their
buildings. FI have invested over
£2m in the refurbishment of 3
Newbridge Square in the town
centre, whilst the owners of Trilogy
on Kembrey Park invested in its
refurbishment over the summer
months. Both refurbishments are
timely given the recent completion
of mainline electrification from
London to Swindon.
“The completion of the
electrification of the London
to Swindon mainline will only
enhance Swindon as a location
going forward. This combined with
an environment of relatively low
rentals compared to such locations
as Reading and Bristol, plus low
business rates mean in financial
terms Swindon is unquestionably
a prime location to locate a
business.”
Alison Williams added:“Though
the market remains robust, a
shortage of appropriate stock
is having a negative impact on
occupiers as many struggle to
find the right space. The success
of the refurbishment projects
at the old Cooper Tire site in
Melksham and the new Woods
Group’s scheme at Bumpers
Farm illustrate just how pent-up
demand for space is. Melksham
in particular has seen some
significant new developments
including the Herman Miller
Alison Williams
Building extending to 170,000 sq
ft facility, The Dick Lovett Jaguar
Land Rover car sales and service
facility, a Travelodge with Greggs
and a Starbucks. The Cooper Tires
site was recently sold to a local
investor/developer and all eight
hangers, each offering 25,000 sq
ft of space, are currently under
offer and set for refurbishment.
Elsewhere at Bumpers Farm
Industrial Estate, Woods Group
rationalised its portfolio building a
warehouse with offices extending
to 41,000 sqft releasing three
buildings one in Chippenham and
two in Melksham two of the three
are already under offer.
“New developments are
planned. In Chippenham, St.
Modwen, received the green light
on outline plans for Chippenham
Gateway and in September,
submitted a planning application
for the first phase of development.
If successful,l the site could
provide up to 1,000,000 sq ft of
employment space across 79
acres. The positive impact that this
Daniel Smethurst
could have on the local economy
is undeniable, however, more
small unit schemes and buildings
between 5,000 and 35,000 sq
ft are required in the locality if
we are really looking to fulfil
demand. Much of the Wiltshire
local economy is dependent on
trade and production and, though
larger scale developments are
welcome, we must ensure that
the requirements from these
businesses are being met.
“One of the greatest challenges
facing the county, and the region
as a whole, is how we market
ourselves, and compete with
other areas of the UK for inward
investment. The south west
offers an exciting prospect, it is
accessible – just an hour from
London – has thriving hubs of
business activity, a vibrant heritage
and culture and, to top it off, is a
beautiful place to live. Collectively,
we need to make sure that this
message is being broadcast far
and wide.”
For Sale/ To Let
CHIPPENHAM Wiltshire ATWORTH, WILTSHIRE
• Industrial / warehouse building with high office content
• Total area approx 20,473 sq.ft. Approx 12,917 sq ft (1,200 sq m)
Alison Williams
01225 747260
[email protected]
For Sale/ To Let
Alison Williams
01225 747260
[email protected]
carterjonas.co.uk
THE BUSINESS EXCHANGE 2018
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