By Richard Baker BSc MRICS
Director
Prop-Search
THERE is no doubt that the logistics sector is playing a fundamental role in achieving manufacturing, retail and services success, driven by market trends, with businesses generally optimistic for the future. Domestically, the trend towards growth in online retail continues to have an effect, with continued pressure to increase warehousing capacity.
Up to 2.31m square feet of high-quality logistics space is being proposed at Symmetry Park in Kettering, which has just received outline planning consent. The development site extends to some 136 acres and is one of the few sites in the East Midlands that can accommodate a single logistics assets of in excess of one million square feet. As well as having the excellent road connectivity – located directly alongside the A14 – it will deliver the much requested Isham Bypass and will see the joining and dualling of the A509, from Junction 9 of the A14, to the Park’s entrance.
The land is currently held under option by Tritax Big Box REIT plc who will now begin to committing the initial capital, to be drawn down in phases, in order to get ready the site for promotion on a pre-let development basis.
SEGRO Park Kettering Gateway, at Junction 10 of the A14, also offers logistics options which will act as a major contributor towards Kettering’s planned economic growth. The 70-acre development is immediately ready for construction with £10m of preparatory work completed and high specification units deliverable within nine months The park can accommodate industrial/warehouse units from 50,000 square feet to 950,000 square feet that have full connectivity to 10MW of power and fibre broadband.
Occupiers looking for more immediate solutions can take advantage of 270,000 square feet of newly built stock fronting Junction 8 of the A14 at Cransley Park. The development of the new £14m business park by St Francis Group – in a joint partnership agreement with the Richardson family – has just reached practical completion and comprises five buildings offering accommodation from 25,000 square feet to 100,000 square feet. The units are being offered for both sale and lease.
The entrance to Cransley Park is also to see further regeneration with a proposed new business scheme and office innovation park. The new schemes are to be developed by Tansor Ziran and also include for a drive-thru restaurant and other similar uses. Cransley Court will comprise a range of small to medium-sized business units of between 2,500 square feet and 16,250 square feet, while Cransley Office & Innovation Park will provide occupiers the opportunity to design prestigious HQ office buildings up to 30,000 square feet.
On the flip-side of an increase in online retail sales driving warehouse demand, the high street has been the unfortunate victim in this success. Enter the ‘meanwhile space’ – the use of temporary contracts that allow community groups, small businesses or individuals to move into these vacant spaces and set up shop on the understanding that they will leave within an allotted time.
The Ministry of Housing, Communities and Local Government, the Meanwhile Foundation and Meanwhile Space CIC launched Open Doors; a project that aims to spread the ‘meanwhile’ idea. Five locations across the UK have been chosen for the pilot, which includes Kettering, with a brief to tackle the issue of ailing high streets. The nationwide scheme will see landlords turn their empty shops in community hubs and will initially run for 12 months.
Despite this, positivity still remains and Kettering’s hotly anticipated dinosaur-themed restaurant has now opened its doors. Jurassic Grill on Market Place has been opened, bringing a new dining experience to the town – with high-end food served along with walking dinosaurs and fossils under a jungle canopy.
A new food store has also opened at Belgrave Retail Park off Northfield Avenue. The Food Warehouse has reportedly invested more than £750,000 to bring the brand to the town, with the 13,700 square foot supermarket offering shoppers all the great value of a wholesale store without the need for membership. Launched five years ago, in response to the changing needs of shoppers, it offers bulk-buy deals and homeware promotions, alongside a range of frozen, fresh and chilled foods. The company now has more than 90 stores across Britain.
Commuting to and from Kettering has also been recently improved with the Dutch train company Abellio taking over the running of the East Midlands train line. Abellio will oversee the introduction of brand new trains – entirely replacing the existing intercity fleet with more reliable and comfortable stock- faster journey times over long distances and upgraded ticketing systems.
Further information or advice can be obtained from Prop-Search call 01933 223300 or 01604 492000 or the website www.prop-search.com