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As the Government continues to push new development, boosted at the end of 2011 with the announcement of a £400m investment into construction, the stage is set for new schemes to be kick started. And where diggers and hod carriers go, says commercial property agent Prop-Search, there are certain to be investment and growth opportunities.
The majority of Corby's future growth is, in the first instance, likely to be fuelled by the housing market. As a key hub of the Milton Keynes/South Growth Area, the town has become an increasingly popular place to live. Indeed, The Telegraph has listed Corby in first position within its Top 10 ‘Up & Coming Hot Spots', with 18,000 new homes projected to be built between 2011 - 2031.
The town has seen significant inward investment over the past few years with the arrival of a new train station, the opening of the £40m Willow Place Shopping Centre and the £20m Corby East Midlands International Swimming Pool. This has also been complemented by the development of the £32m Corby Cube civic hub and theatre.
In 2005 Land Securities bought Corby town centre through its acquisition of Tops Estate, and in 2007 embarked on a major expansion programme with the development of Willow Place Shopping Centre. Its 700,000 sq ft retail holding has now been sold to Helical Bar for a reported £70m. This comprises Willow Place/Corporation Street with 146 shops anchored by Primark, TK Maxx and Wilkinson, plus office and residential space; and Oasis Retail Park which houses retailers such as Argos, Dreams, Farmfoods, Blockbuster and Home Bargains.
It is understood that Helical Bar plans to convert a block to provide a leisure hub within the town and a further extension to Willow Place, subject to a pre-let being secured. The upper parts would be converted to residential use.
Phase 2 of Parkland Gateway, just off of George Street has recently been sold by Corby Borough Council. The 5.55 acre site is considered suitable for a mixed use development to include a multiplex cinema, restaurants, bars, hotel and residential uses.
A recent survey by the Office of National Statistics has shown Corby to have a good mix of industries - which centre on manufacturing, logistics and distribution, closely followed by professional, scientific and technical uses. The town also continues to act as a ‘seed-bed' for new enterprises with 215 having been established within the past two years.
Having been awarded a five year contract with Premier Foods, Wincanton Distribution has acquired a 277,828 sq ft distribution facility in the town. The former Comet distribution facility at Eurohub has just been let on a new sub-lease by North Rae Sanders. The warehouse was originally built in 1998 and will see Wincanton processing 80 million cases per year across Premier Food's extensive product range including Bisto, Oxo and Ambrosia.
Elsewhere in Corby there has been a flurry of smaller sized industrial lettings. Two units on the Earlstree Industrial Estate comprising 23,194 sq ft and 12,601 sq ft have both been let. And following the acquisition last year of 2,500 sq ft within Shieling Court on the Oakley Hay Industrial Estate, Braepac Limited is now in discussions with the letting agents in respect of taking an additional 2,000 sq ft of space. This follows the relocation by Display Mode, one of the UK's leading design and manufacturers of visual merchandising equipment, to a larger unit within the Estate. A further 3,000 sq ft has also just been placed in the hands of solicitors.
Close by at Deene, Lloyds Banking Group has struck as deal to build one of the UK's largest data centre campuses. Two data centres, comprising more than 430,000 sq ft, will be developed on the 50 acre site which has been acquired from a consortium of landlords including Ireland's National Asset Management Agency. Plans for the £250m development have already been given the go-ahead by East Northamptonshire Council, which will be bought forward in two phases; the first being a 288,000 sq ft site including 161,000 sq ft of technical data centre space.
So the stage is set, but when will the show begin?