THE industrial and logistics property market in Northamptonshire is experiencing some significant challenges which, on the one hand, are a marker of its success but which are now causing constraints in supply not seen for over a decade.
There is a distinct shortage of availability of good-quality secondary and prime stock in the market which is presenting problems for occupiers, be they potential tenants or buyers of industrial property. Businesses are finding it much harder to identify and then secure the property which they require in their preferred location and on terms that suit their needs.
Acting as agents our job is often to find tenants or buyers for landlords or property vendors, but we have noticed a marked increase in instructions from business owners themselves asking us to assist them in their search, and then negotiation of terms, for their property move.
Within the last six months the Northampton office of LSH has been instructed on a broad range of such projects from full strategic property portfolio review for a multinational company to the acquisition of 5,000 sq ft of warehouse accommodation on behalf of a growing local company. We have been able to service the diverse requirements of clients making full use of the range of disciplines at our disposal.
We offer a single source solution with locally based agents, building surveyors, quantity surveyors and project managers as well as lease advisory and valuation experts who can assist in the seamless exit from an existing lease into new premises or the funding of a new build property.
Our most recent success has been the acquisition of a leasehold industrial unit on an off market basis near Silverstone. We had to overcome several challenges with the limited available options within the market and a brief which needed satisfying within a very specific geographic area. LSH had to explore potential opportunities off market.
An approach was made to the owner of an industrial estate in order to explore any future availability and as a result we were able to agree terms just as a property was becoming available. It didn’t even hit the market and as a result we had a happy client!
This change in approach and activity increases the importance of using an experienced agent who is familiar not only with what is on the market but also with what properties may be available in off market situations. When there is a lack of good quality stock landlords are in a strong position and there is a fine balance in finding the right property on the right terms and with a secure understanding of the liabilities being entered in to in terms of repairs and maintenance.
Our occupier clients tell us that employing an agent is an efficient use of their time and allows them to remain focused on running their business rather than trawling websites and driving around looking for agency boards.
For further information, contact James Hill or Guy Sinkler in the first instance at Lambert Smith Hampton on 01604 664383 or email