Property Overview. . .

Generally the year ended on a high for industrial property, a disappointment for the office market and a continuing lack of growth and activity in the retail market.

Some 200,000 sq. ft. of industrial space has been let or sold (at the time of writing December has not ended) and just over 100,000 sq. ft. of offices, which is slightly below the annual average. There is just over 7 acres industrial land sold and a further 5 acres pending completion which may happen in 2015.

The retail market saw less activity with one of the more significant lettings being Metro Bank Plc taking premises in Northbrook Street but the new Centre continues to improve with more new lettings, although a concerning number of voids that seem stubborn to let.

Newbury Business Park
The major core of the Newbury Business Park has been bought by Vengrove who intend to undertake new speculative development of 30,000 sq. ft. building 4100 with work commencing in the New Year and this will lead to the first speculatively built office building in the Newbury market for many years. Overbridge Square has also sold to Praxis who intend to refurbish 10,000 sq. ft. immediately, with a further 10,000 sq. ft. as soon as the first building is let.

The office and industrial markets continue the theme of rapidly increasing shortage of supply but demand levels have not been above average for the past three years. A small shift in demand could cause some difficulty as the supply dwindles.

Notable transactions include the letting of Rannoch House on the Business Park in May to Ericsson, taking 11288 sq. ft. and two properties have been sold in Strawberry Hill, Access House for residential use and Strawberry Hill House for conversion to a new combined doctors surgery both totalling over 35,000 sq. ft. Pool House at Horizon West was let to Global Freight Services taking 22,100 sq ft and 1 Tealgate was sold in May with Benchmark Furniture taking just over 38,000 sq. ft.

Another significant letting was Units B & C Beta Centre in Bone Lane, Newbury, where Crookshank Motors took 16,800 sq. ft..

 Newbury Business Park

 Beta Centre