Iain Critchlow sees Commercial growth in Coventry following the City’s Olympic appointment
The fact that Coventry has been chosen as a host city for the 2012 Olympics should rightly be regarded as another ringing endorsement for the city and wider region, it’s infrastructure and capacity to compete at the highest level.
Whilst economic conditions undoubtedly remain challenging the steady increase in good news stories would appear to represent a strengthening of both confidence and economic performance.
In the industrial market, we are close to completing the letting of the last remaining unit at 4020 Middlemarch, a high specification scheme of eight B1, B2 and B8 units, and there are now signs of a forthcoming shortage of good quality new build industrial stock. Demand for secondary industrial units has also continued, and we have recently completed the letting of 10,000 sq ft to CV Airbreaks at Paragon Way as well as numerous smaller deals across Coventry and Warwickshire, It would appear that demand is finally catching up with supply in this sector.
Similar there is renewed activity in the office sector, we have recently placed Unit 8, The Cobalt Centre under offer leaving only two units remaining on this high quality scheme. There is now also very strong interest in the 6,000 sq ft Grade A space at George House that we are marketing on behalf of Deeley Properties. Whilst lending conditions remain tight, sales have been agreed for three office units at Ensign Business Centre, Westwood Business Park. In the retail sector our joint venture with Norton Brown the retail specialist has also been productive following on from the letting of Smithford Way in Coventry city centre to Pertemps People Development, with the sale of 29 Park Street, Leamington Spa to The Bridal Shop and the successful letting of 7 Augusta Place, Leamington Spa.
Other prime units such as 9 High Street in Warwick also have tenants lined up with a new lease due to be signed at the end of July. The investment market continues to be strong fuelled by cash rich investors seeking healthy returns whilst there has been renewed interest in development sites and we have recently agreeing deals for a care home development and a supermarket scheme.
In addition to this, planning permission has recently been granted for a further 260,000 sq ft of office and R&D space at the high profile Opus 40 site in Warwick. We have recently been appointed as joint agents with GVA Grimley to market this landmark scheme, which is to be developed by Opus Land, and funded by Palmer Capital. All in all the trend is encouraging and Coventry and Warwickshire as a region is well placed to take advantage of the upturn.