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There has been significant investment in Kettering’s regeneration in recent years, particularly in town centre development says commercial property agent Prop-Search, but the immediate emphasis has now shifted to investment in economic growth through the creation of high-value jobs to establish resilience in the local economy.
So whilst the town centre has seen projects such as Chesham House; a business enterprise development to encourage new business start-ups and entrepreneurial activity, and the reconfiguration of the Market Place to include a mix use scheme attracting national restaurant operators Prezzo and Chimichanga; there is a compelling case to give support to other sectors of growth.
Businesses are a fundamental driver of economic growth, increasing productivity and creating employment. Investment has already been encouraged within new employment areas of Kettering, with the emphasis on manufacturing industries and distribution services, and various new schemes delivered and in the development pipeline will undoubtedly support the town’s economic performance.
One such scheme to have recently been consented by Kettering Borough Council is for the development of five new industrial units at Cransley Park - a 32 acre site adjacent to Junction 8 of the A14. This is estimated to immediately trigger an investment of just over £26 million into the Borough.
St Francis Group purchased the prime site a few years ago with grants from Northamptonshire Enterprise and subsequently carried out extensive site infrastructure and clean-up works. Now after several years of inactivity, the diggers are shortly to move in to begin the speculative construction of some 270,000 sq ft - in units from 25,000 sq ft up to 100,000 sq ft. This is expected to attract interest from manufactures, internet retailers and their fulfilment partners, as well as logistic operators.
The developer has said they believe the timing is right to undertake such as speculative project, with the current lack of available high quality stock in the local market and with strong occupier demand that will invest further in the local economy. So to coin a phrase from the 1989 Kevin Costner blockbuster Fields of Dreams “If we build it, they will come”.
At Junction 9 of the A14, a speculative 44,400 sq ft small unit scheme has recently been completed with September seeing its official launch. Pytchley Business Park has been bought to the market by Jelmac Property Group and offers business units of between 2,200 sq ft and 10,000 sq ft - with the largest already having been pre-let to a family-owned removal and storage company. Again these leasehold units offer occupiers, who have to date been unable to find suitable premises, an excellent opportunity to secure brand new quality space on the outskirts of Kettering and play an important role in supporting economic development in the area.
To sustain economic prosperity, there also needs to be the encouragement for active households to live and work in Kettering. The town therefore needs to be able to offer people attractive places to live through the delivery of new housing stock.
East Kettering, a major sustainable urban extension which was originally consented for development in 2010 will, when fully developed, offer some 5,500 new homes. The scheme - now named Hanwood Park - is set over 800 acres and will also comprise over one million sq ft of commercial, health and leisure space, together with significant amenity and community space. The joint development partners, Midtown Capital and Buccleuch Property, have recently instructed an infrastructure partner and the first phase of housing is now under offer to several national developers.
Complementing the commercial element of Hanwood Park is the Roxhill/Sergo 70 acre site, adjacent to Junction 10 of the A14, which is consented for the development of a 1.25 million sq ft high quality mixed use employment scheme, offering units from 10,000 up to 275,000 sq ft. Known as Kettering Gateway, it is predicted to create up to 3,000 new jobs. Infrastructure works commenced a couple of months ago and a planning application is shortly to be submitted for the construction of a circa 240,000 sq ft bespoke manufacturing facility. Serious discussions are also underway for a further design and build pre-let on a building of 160,000 sq ft. Both projects are for locally based occupiers.
Kettering’s long-term success will continue to depend upon remaining an attractive location for international, national and indigenous investments, and maintaining a skilled and adaptable workforce. It is therefore of paramount importance that the Council continues to provide local leadership and ensure that the planning system does everything it can to positively and proactively support sustainable economic growth.
Further information or advice can be obtained from Prop-Search - Tel: 01933 223300 / 01604 492000 or its website: www.prop-search.com