THE commercial property market in Corby has been buoyed by signs of revival over the past 12 months according to David Walker, Director of Corby-based estate agents Yates Walker. So what is happening in the real Corby? The real Corby, where people live and work. Well looking back and comparing the last two years does show that the property market and therefore the local economy has moved up a gear.
THE commercial property market in Corby has been buoyed by signs of revival over the past 12 months according to David Walker, Director of Corby-based estate agents Yates Walker. So what is happening in the real Corby? The real Corby, where people live and work. Well looking back and comparing the last two years does show that the property market and therefore the local economy has moved up a gear. The main reason is that confidence has returned. According to David Walker, three trends continue and if anything are being strengthened. Demand for quality modern buildings, which attract better quality tenants. Demand for buying freeholds. Demand for low cost so-called ‘starter’ factory and office space. Yates Walker has let well-appointed modern properties to quality tenants Curtiss-Wright Flow Control and National Plastics. Curtiss took a lease on a smart detached factory on Darwin Road for their UK valve division. National Plastics are moving to the Trafalgar Business Park following the relocation of Fastrax Conveyor Rollers into a larger detached 12,000 sq ft factory in Trevithick Road. As David Walker says, good properties, good tenants and good rents go together. Curtiss-Wright, for example, is a global engineering company with a two billion dollar turnover, but has its legacy in the aerospace industry. More than 80 years ago, Curtiss-Wright was formed by the merger of the Wright Brothers company, renowned for history’s first flight and Glenn Curtiss, the father of naval aviation. Part of that global company chose Corby as its base. As the Bank of England has recently confirmed, there is gradually improving credit availability, and growing confidence about property. Both are drivers in the improving demand Yates Walker has seen for industrial and commercial freeholds. David Walker has sold a number of properties in Corby, often in need of refurbishment or with development prospects. Buyers of premises often add value by the work they do, an excellent example being a very dilapidated factory in The Grove, which has been comprehensively modernised, roofed and reclad by Premier Roofing. Yates Walker also recently completed the sale of a 12,000 sq ft factory on the Earlstrees Industrial Estate, which was also in desperate need of investment. There are still opportunities available to buy. Yates Walker has offices available on Corbygate and at Ryder Court, and on Willowbrook, a 5,900 sq ft industrial unit is available either for sale at £265,000 or to let. Elsewhere, an interesting sale involved a former hostel in Weldon Road, which is now being converted into apartments in a structured sale. This followed on from an earlier sale of the adjacent showroom, which allowed Parkers, the car parts people, to relocate from their older warehouse on St James. On a more local front there is still demand for small, low-cost workspace. Traditionally, these properties are classified as ‘starter units’ and while they are often the first step on the business ladder, they are increasingly being occupied by established companies who either outsource their warehousing or deliver direct to site without carrying stock. Yates Walker acts for several of the major owners of small units in Corby, and have recently handled over 30 lettings. Interestingly, the void between a tenant giving notice to move out and a new tenant moving in has significantly shrunk, due to the growing numbers of prospective tenants looking for space. As an example, in Lammas Courtyard, Yates Walker has let the last six units back to back with the new tenant moving in straight after the old tenant moved out, leaving the landlord with only four days total void from all six transactions where no rent was paid. Undoubtedly, 2014 will continue to pose challenges to the commercial property sector, but the improvement in the Corby economy has gained momentum and David Walker is looking forward to this year with some confidence. Yates Walker is an independent multi-disciplined estate agent selling, letting, managing and valuing residential and commercial property from their Corby office. The company celebrated its 21st year in business in 2013.