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Wellingborough has a rich history of steady business growth over the last 25 years says commercial property agent Prop-Search.
The changing face of its industrial and warehousing estates evolved to boast strong local, regional, national and even international business - inevitably leading to inward investment from some of the largest and most profitable funds in Europe. Over the years, buildings and estates within the town were purchased by the likes of Axa, British Airways Pension Fund, Unilever Superannuation Fund, UBS, PrupIm, Threadneedle, Standard Life - the list goes on.
An impressive resume by anyone's standards and an achievement for the town to be proud of - but what about the future? Can Wellingborough sustain future growth in competition with surrounding towns, all juggling for position in anticipation of better economic times? To achieve this, it needs to provide a suitable environment for business growth and in Wellingborough's case this is making the land available for quick, cost effective development.
Simon Toseland, a Director of Prop-Search, Ambassador to both Wellingborough and Northamptonshire, says: “Timing is everything in life. Whilst some wait for either signs of improvement or improvement itself, others are taking the opportunity to act now. Waiting for change is not the answer. Change will come eventually and when it does, everyone will be on the ‘bandwagon' - the smart money is on those that take some risk and prepare now - ahead of the market.”
“To this end, Wellingborough needs to step up to the mark and address the land supply issues that face the town, following the delays and deliverability issues of the Wellingborough East land allocation.”
Prop-Search has firsthand experience of local businesses, large and small that have grown with the town over the last quarter century and despite difficult economic conditions are now ready to expand. The problem is that Wellingborough cannot make the land available now that could accommodate expansion and if this issue is not addressed quickly, then the town risks the loss of those businesses to neighbouring towns.
Simon Toseland adds: “Efforts are being made by the Local Authority to address this and we are working with both landowners and developers in an effort to bring potential development sites through the planning process. Changes to the planning system -giving power back to ‘the people' - have the potential to help, but forward thinking and open minds will be equally crucial if Wellingborough is to rise to the occasion.”
Wellingborough is well placed within the East Midlands to attract investment and ‘punch above its weight' as a location for business - its track record confirms this. The key will be to maintain this momentum, as one thing is for sure - Wellingborough isn't going to move.
All the ingredients exist for the town to ride the current financial storm and come out of the other side with a strong growth agenda.
Now is the time to prepare for this.