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Significant development activity is now being witnessed across Northamptonshire, says commercial property agent Prop-Search, as developer and business confidence gathers momentum, boosting a starved commercial property market, with a number of major high profile schemes now underway.
It is estimated that around 18 million sq ft of industrial warehousing in the County has already been consented for development. Primarily this consists of large scale distribution schemes, targeting the logistics sectors as the e-commerce market continues to see higher sales and adapts in order to satisfy the growing fulfilment needs of consumers.
According to the developer Prologis - responsible for the delivery of Daventry International Rail Freight Terminal (DIRFT) - 98% of the British population can be reached within a 4.5 hour drive from the County. And its latest project, DIRFT III, is consented to deliver a further eight million sq ft of logistics space over the next 15 years, resulting in the estimated creation of 9,000 new jobs.
Ian Harman, a Director of Prop-Search, said: “Many of those developers that have already secured planning permission are pushing ahead with infrastructure works and getting schemes as oven-ready as possible. So that if speculative construction is not immediately at the forefront of their minds, the schemes could certainly entertain and speed-up build-to-suit options.”
Midlands Logistics Park in Corby is currently under development - in a joint venture between Mulberry Developments and Frogmore - to provide 2.5 million sq ft of distribution space. The site benefits from planning consent and is currently in the advance groundworks stage, providing two development plateaus and stabilised ground for building construction to commence.
Elsewhere Roxhill and Segro are progressing infrastructure works to support a 70 acre scheme - Kettering Gateway - adjacent to Junction 10 of the A14, which is consented for the development of .25 million sq ft. A planning application is being submitted for the construction of 400,000 sq ft for two locally based occupiers.
Nearby, joint development partners, Midtown Capital and Buccleuch Property, have recently instructed an infrastructure partner on the 800 acre Hanwood Park, which as well as providing 5,500 new homes will deliver over one million sq ft of commercial, health and leisure space.
Also in Kettering, speculative development is being proposed at St Francis Group’s 32 acre Cransley Park, adjacent to Junction 8 of the A14. Infrastructure has been installed and construction is expected shortly for some 270,000 sq ft in units from 25,000 sq ft up to 100,000 sq ft. This is expected to bring an investment of over £26 million into the area and attract interest from manufacturers, internet retailers and their fulfilment partners, as well as logistic operators.
At the beginning of the summer, South Northamptonshire Council granted planning consent to Hampton Brook for the development of approaching 1.8 million sq ft of industrial and distribution warehousing adjacent to the Junction 16 of the M1 motorway. The M1dway J16 scheme is set across 90.7 acres and proposes to deliver buildings from 76,500 sq ft up to 870,000 sq ft.
One of the newest proposed schemes in the County is Tiffield Park Northampton. Comprising approximately 78 acres, adjacent to the A43, the developer, IM Properties, is bringing forward a premier commercial led scheme which is expected to attract interest from major blue chip occupiers. The scheme is currently being promoted through the Local Development Plan with a view to a planning application being submitted in 2017 and the delivery of first building by the end of 2018.
It would be remiss within any article on development within Northamptonshire not to mentioned Rushden Lakes - the new multi-million pound shopping and leisure scheme adjacent to the A45. Current activity is intense as LXB Retail Properties strives to delivers the first phase of retail units for a summer 2017 opening. The developer has already announced pre-lets with major High Street retailers including House of Fraser and M&S.
A further planning application has now been submitted for a 14 screen multiplex cinema and a leisure building, which could accommodate a range of indoor family entertainment. The effect of this application would be that Rushden Lakes could accommodate 18 restaurants and additional retail units, bringing the entire scheme to an impressive 750,875 sq ft.
Opposite Rushden Lakes, Ashfield Land has finished a public consultation following its acquisition of a 28 acre site to develop a mixed-use scheme. The first phase of Rushden Gateway will provide for nearly 40,000 sq ft of space for retail and leisure operators. The intention is to progress interest in the form of a masterplan that is acceptable to the local authority, leading to a planning application by the end of the year.
Ian Harman concludes: “The development of new workplaces and shopping centres is playing an increasingly important role in Northamptonshire’s economic growth and is positive to see for a number of reasons. Not only do these provide opportunities for the expansion of local firms, but they also attract occupiers who are not active in the County at present. And as new arrivals are confirmed, Northamptonshire benefits from further job creation - whether this is down to the requirement for further construction work or more long term in operating the new facilities after occupation.”
Further information or advice can be obtained from Prop-Search - Tel: 01604 492000 / 01933 223300 or its website: www.prop-search.com