Thursday, 15 July 2010

Huntingdon Property Market Sees Resurgence

Despite the recent economic pressures, vacant office premises have been snapped up by our local businesses, and the availability of office space within Huntingdon and its surrounding areas has decreased dramatically during the last 12 months, leaving only limited stock on the market. Whilst freehold prices are about 25% below their peak levels, remarkably during this period we have also seen an increase in prices of over 15%, a trend that is likely to continue as stock levels decrease further, according to Alan Matthews of Barker Storey Matthews commercial property agents.

The commercial property market appears positive, as new and existing businesses emerge from the recession and look towards the future. And with landlords offering favourable freehold and lease terms, tenants and owner-occupiers have been seizing the opportunity to acquire new premises at discounted prices.

In the last 12-month period, Barker Storey Matthews alone helped complete ten freehold sales and lettings deals on office units up to 2,500sq ft in the Huntingdon area. But with construction of any new properties unlikely in the immediate future, the supply of brand new offices is decreasing fast, leaving businesses with a limited choice of mainly second-hand, and generally poorer quality stock, and facing higher running costs.

If you are looking to relocate or expand your business in Huntingdon, the few remaining new builds, such as Vantage Park to the north of Huntingdon, for example, provide a modern, cost effective option. The purpose built office scheme by Artisan (UK) Developments Ltd has already attracted a wide variety of businesses, including Speymill Plc, Greenery UK, Danwood Group and Team Engineering, thanks to its prominent location and fast access to the A14 and A1.

Vantage Park is a prime example of the type of offices now in short supply. Set in landscaped surroundings, with 75% of the development now complete and less than 15% of that space available for immediate occupation on either freehold or leasehold terms, unit sizes range upwards from 836 sq ft. And freehold prices start from just £149,995 for brand new, high quality, purpose designed accommodation that includes air conditioning, fully carpeted raised access floors, all combined with good levels of allocated car parking for your exclusive use.

William Neal from Savills comments: “With such a limited supply of good quality office space in Huntingdon, now is the time to secure favourable terms on a new property. There are deals to be done, and with a limited number of office units available for immediate occupation, those thinking about changing their office requirements should act fast. The running costs of newly built offices are considerably lower than an older property as the buildings are much more energy efficient, with average savings per year estimated to be the equivalent of £0.55p psf. And unlike older premises, new builds allow business owners to customise and configure their offices to their individual requirements.”

For further information please contact William Neal at Savills Cambridge on 01223 347294 and Alan Matthews at Barker Storey Matthews on 01480 451578.