GORELL Barnes are pleased to report, in one way, that there is now an acute shortage of quality stock of commercial property, especially in the industrial/warehouse market in the ever-expanding town.
Historically, Corby has always had a supply of property due to the Commission For New Towns developing many of the industrial estates and a lot of these buildings were of similar size. Whilst it was obviously good that the public purse provided business accommodation that wouldn’t have been developed by the private market, this, nevertheless, had the effect of weakening rental growth due to the normal supply and demand economic principal. As a result, less speculative development was carried out by property entrepreneurs fearing that there weren’t enough rental growth prospects or even a sufficient level of passing rent to justify the risk.
Nowadays, this is just what is needed; more speculative development and the adage if you build it people will come, is probably never truer. However, Corby has over 15 million square feet of B2, B2 and B8 accommodation and often a lot of these occupiers are actually already in the town but needing to resize.
Long term clients since 1984, Portal Construction took what was a bold decision to develop out what is now the Phoenix Parkway Industrial Estate and which has been very successful over the years. The directors of Portal Construction have long since retired (although at least one is still local, running and owning the Blackthorn Wood Golf Club at Cottingham) and a similar entrepreneur is sought to commence a new development on some of the surplus land in the town.
The town is also forecast to continue to grow considerably and another 5,000 houses are due to be built by 2031; the commercial property side and, therefore, job opportunities, now just need to go hand in hand.
On the previously mentioned Phoenix Parkway, Gorell Barnes are marketing 5 and 6 Pasteur Courtyard, which is a modern 16,000 square foot factory or warehouse in the immediate proximity to both Asda and also the only retail park in the town and is surrounded by other leisure type uses. Half of the property is recently under offer, which means that there is 9,000 square foot available to lease in a prominent and central position. This would suit all types of uses, including leisure and Quasi retail.
Gorell Barnes is also favoured with instructions from Creative Tops to dispose of surplus office and showroom space at Oakley Hay, the prime industrial estate closest to the A14. We acquired the 63,000-square foot building last year for Creative Tops who are utilising the warehouse accommodation, but have no need for the additional offices where their other main unit and HQ, in Causeway Road, Earlstrees Industrial Estate is accommodated in the town.
From the past, to very much the present, the new train franchise is up for re-tender and I know that Corby’s MP, Tom Pursglove, will be pleased to hear from constituents who have timetable suggestions etc., regarding the fantastic facility of a mainline station created out of the substantial and successful regeneration of Corby.
In view of our long association with Corby, we feels we are uniquely placed to advise occupiers and are happy to discuss such where total confidentiality is assured.