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 41