WHILE we were awaiting the outcome of the EU Referendum, many businesses were using the period as a time for business planning.
Smaller occupiers are most likely to be least affected by the results and evidently some tenants are progressing plans for new business ventures or growth of existing businesses.
WHILE we were awaiting the outcome of the EU Referendum, many businesses were using the period as a time for business planning.
Smaller occupiers are most likely to be least affected by the results and evidently some tenants are progressing plans for new business ventures or growth of existing businesses. Market Harborough presents itself as good location to satisfy the regions demand from small office occupiers.
These companies have been traditionally from the service sector, however, the town has experienced growth in IT and small niche businesses with a demand for a highly skilled workforce. The continued growth of Market Harborough residential market with large scale development on Northampton Road and Farndon Road, plus proposed expansion in and around the neighbouring Great Bowden, provide for an increased migration of a highly skilled workforce to the town.
Coupled with the significant proposed plans to develop the land known as Airfield Farm, these developments will bring a new workforce to the town that currently offers low unemployment. The Employment Land Study prepared in 2013, on behalf of Market Harborough District Council, identifies that there is a need to release new employment land allocations and that nine sites were identified within the district. However, all but one of these sites is greenfield and while they may compare more favourably to allocated sites, the costs of delivery and the commercial viability need to be understood.
In the meantime, potential tenants review their commercial property requirements and assess the future costs of occupation. The availability of high-quality office accommodation suitable for smaller occupiers is limited and both in Market Harborough and the neighbouring area of Kettering. Pipeline development proposals for this type of accommodation remains rare and costs of construction outweigh speculative development opportunity.
Berrys are instructed as joint sole agents along with Wells McFarlane to let, on a new full repairing lease, 6 The Point Business Park, Market Harborough. Situated on the popular The Point Business Park, the property, arranged over ground and first floors, benefits from a refurbishment providing approximately 140.55 sq m (1,513 sq ft). The accommodation can be split on a floor-by-floor basis and provides seven dedicated car parking spaces.
If you are an occupier of commercial property and would like to discuss these opportunities or any other, then contact Simon Parsons BSc (Hons) MRICS or Duncan Batty BSc (Hons) MRICS on 01536 517777 or 01327 356140.