By Nicholas Roberts
Partner
Drake Commercial
DRAKE Commercial are involved in a number of key commercial developments across the county and beyond which will see much needed new industrial and warehouse space being brought to the market.
As previously reported, St Modwen have obtained planning permission for 310,000 square foot industrial and logistics development in Wellingborough, at the northern end of Stanton Cross. This is the first phase of a planned 1.5m square feet of new commercial development at Stanton Cross and work on site is due to commence shortly. Three buildings will be provided at Stanton Industrial Park, ranging in size from 44,000 square feet to 172,000 square feet. Further phases are currently being master-planned and we expect to be able to make an announcement on the second phase of development shortly.
Also in Wellingborough, clients Stepnell Developments Ltd have recently secured planning for a new unit of 11,000 square feet at Ogee Business Park situated on the Finedon Road Industrial Estate. The building, which sits prominently at the entrance to Ogee Business Park, is suitable for light industrial and warehouse purposes and will be developed speculatively. The property will be available on leasehold terms. Ogee Business Park offers occupiers both freehold and leasehold opportunities for industrial and warehouse properties and we are in discussion with a number of other occupiers currently interested in relocating to the development.
At Europark, Rugby, our clients Richard Utley Ltd are speculatively developing a new 44,120 square foot prime industrial/distribution unit, with construction commencing imminently. Unit 8 will be built to an institutional specification with 10m clear to eaves and a 45m secure service yard. It is anticipated that the property will be available to occupy from the beginning of next year. Europark is ideally located close the keys junctions of the M1, M6 and A14 road networks and is located off the A5. The site is currently fully let. We have recently completed lettings to Jones & Shipman Hardinage, and Studco Building Systems.
Providing new industrial and logistics space for occupiers is key to continuing the growth of Northamptonshire and the wider region. The lack of available land to develop commercial space for smaller local regional businesses remains a significantly limiting factor to that growth. There has been a large amount of large scale B8 distribution space developed across Northamptonshire for many years and this has attracted many national occupiers and provided much needed employment. There is however a dearth of opportunities for light industrial and B8 warehouse space in the sub 100,000 square foot sector and at the moment we are at risk of losing some of our long-established local business, forced to move from the county simply due to the lack of supply to accommodate their expansion plans. There is, therefore, a need for both landowners and local authorities to be forward-thinking in their approach to creating good quality new development, but at the same time providing space that is market facing.