By Tom Drake
Partner
Drake Commercial
IT has to be said, the first draft of this article has had to be tempered somewhat (and rightly so), bearing in mind the current climate and impact that coronavirus is currently having on the UK and the wider world.
Whilst we cannot predict what happens next, we still have much to proud about, particularly in Daventry and we comment on the last 12 months as follows:
Drake Commercial are delighted to have received national recognition for their commercial agency work. A survey carried out by Estates Gazette (Radius Data Exchange) awarded Drake Commercial the 2019 award for being the most active agents in Northamptonshire.
Furthermore, Drake Commercial finished fifth in the wider East Midlands region, with only national and multi office practices finishing ahead. This position has been maintained going into 2020, with the Northamptonshire results currently awaited.
How does this relate to Daventry? Of the deals for the 2019 entry, which were completed in the likes of Northampton, Rugby, Wellingborough and the wider region, just over 30 per cent of them were agreed in the Daventry District, totalling close to 200,000 square feet. This shows how the commercial property market in the town has thrived, particularly the warehousing and industrial sectors.
Over the last couple of years, values in Daventry have increased significantly, as the demand from occupiers and investors has increased, together with the quality of the product. Values have not only recovered to pre 2008 levels, but in many cases are now ahead.
This positive market and improved returns have bred confidence in developers. We have seen a variety of different sized developments that are either recently completed, mid construction or going through the planning process.
Canmoor are shortly due to complete three brand new units on Mustang Park, with one unit already let, leaving 109,000 square feet and 171,000 square feet. Prologis have agreed a prelet on 400,000 square feet at Apex Park, which will lead to further development of smaller opportunities around it. Barberry are constructing 72,000 square feet speculatively on Drayton Fields.
One thing Daventry has been in desperate need of is smaller developments, to meet the pent-up demand of local, regional and national occupiers. DDC have recently developed a two-unit scheme on Heartlands, and Drake Commercial are pleased to confirm that the final remaining unit we now have under offer. Hereford Storage are speculatively developing 15,000 square feet of industrial space at Manor Business Park, just south of Daventry. And planning has also been recently granted at Signal Park, where Claymore (supported by SEMLEP) intend to speculatively build out 56,500 square feet across 15 units. Drake Commercial are instructed on both of these schemes and demand has already been very high, with completion of both schemes anticipated for early 2021.
We are very mindful of the current climate but the above hopefully provides some optimism to individuals, businesses, landlords and tenants that Daventry is well placed to move forward positively in the coming weeks and months, as is appropriate.
From our point of view, whilst we are following government measures on how best to continue working, there is still plenty to do and there seems to be a determination from all to carry on as best we can. Many companies and individuals seem to be using the period to perhaps secure new premises whilst their operation is slightly quieter, or are dealing with property matters they otherwise don’t get around to.
If you need to discuss any of your commercial property needs, we are set up during this period to continue to assist. We have even introduced ‘contactless’ viewings to help businesses continue to review their property requirements. Please do not hesitate to get in touch with Drake Commercial on 01604 620616.