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The severe shortage of available industrial accommodation in Wellingborough is resulting in faster transaction times as occupiers compete for space, reports commercial property agent Prop-Search.
Typically property transactions have taken around three months to complete but, with quality industrial accommodation at a premium, occupiers are agreeing terms and finalising deals in half the time in order to secure properties.
“The recent letting of a unit within Harrowden Court on Huxley Close, Park Farm is a good example of occupier demand”, says Samantha Jones, an Associate Director at Prop-Search. “This unit, comprising just under 10,000 sq ft, secured an offer just two working days after being placed on the market, with solicitors instructed a mere three days after that.”
Clenaware Systems, which has been designing and manufacturing ware washing equipment for over 50 years, already occupied around 2,000 sq ft of industrial space within the scheme and administration offices in a nearby village. It was keen to bring its expanding operations under one roof but finding suitably large industrial premises in Wellingborough with good yard areas and internal offices presented a challenge. So when this unit came to the market at the end of last year, Clenaware moved swiftly to secure the property.
Richard Harris, Managing Director at Clenaware Systems, said: “This larger unit on Harrowden Court ticked all our boxes. At just shy of 10,000 sq ft, it gives us room for further expansion and has a large yard area for parking and deliveries. It was close to our existing premises so was also very good from a staff retention point of view.”
“We realised there would be other interested parties looking at the property, as we had experienced this during our property search, so we knew we would have to act decisively if we wanted it. Being prepared and submitting a well thought out offer, with funding in place, ensured we were successful in securing the property.”
Prop-Search’s Samantha Jones added: “Competition between occupiers is increasing, putting property owners in a strong position when it comes to negotiating terms. In today’s highly competitive market, it is not just the terms offered but also the speed in which the transaction can be completed which is influencing landlords’ decisions.”
Clenaware Systems has taken its new premises for a term of 10 years. Prop-Search acted for the landlord, Salcey Properties.