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Whilst development remains difficult for some, with bank funding still restricted and developers wary of both the returns and initial liabilities, this has not curtailed some existing businesses in Wellingborough from undertaking their own development to aid expansion says commercial property agency prop-search.
One of the town’s oldest occupiers, Whitworths has commenced work to build a new processing plant with a storage and distribution building on its existing site at Victoria Mills on London Road - which first secured planning for a flour mill in 1887. The new extension will operate over six floors and a single new building, and is being constructed alongside the current cereal plant on the site.
Simon Toseland, a Director of prop-search, said: “Development led by existing businesses is crucial for the UK’s economic recovery and is essential if much-need private sector jobs are to be created. We understand that Whitworths expansion will alone lead to at least 40 new jobs for the town.”
Followings its relocation within the town in 2009 to 31,500 sq ft of industrial and office space at Rixon Court, 41-43 Rixon Road, Glazerite Windows has now completed on an agreement to lease a further 13,000 sq ft from Fernbrook Investments. Building works to the high bay warehouse extension have now begun and Glazerite, one of the UK’s most progressive manufacturers of PVC-U windows, doors and conservatories, will take occupation from Summer this year.
Also on the Finedon Road Industrial Estate, works to provide a two-storey side extension and first floor extension to 31/33 Sanders Road for J T Bevan and M S Laboratories has recently been concluded. Planning was granted approximately a year ago and building works commenced shortly thereafter to construct approximately 1,110 sq ft of research and development accommodation, plus 615 sq ft of general industrial space.
Simon Toseland, comments further: “Predicting the nature of a full recovery of the development market in Wellingborough is understandably difficult. Notwithstanding any reticence from developers, one of the factors now coming to the fore is the shortage of quality space in prime locations and as a result ‘build to suit’ enquiries are slowly starting to come back into the marketplace.”
“Development land is also very polarised, between small and large; infrastructure-hungry and small easy to develop de-risked sites. Wellingborough’s largest obstacle to delivering new quality stock to the market is the lack of land immediately available for development - this is leading to surveyors and developers having to think ‘outside the box’ for opportunities.”
Whilst Wellingborough’s 2020 Vision sets out the aspirations that the town has and what it seeks to achieve through further growth over the next decade, there are hardly any readily available sites for development in terms of new industrial and office schemes. It had been anticipated that the Wellingborough East expansion would address this by delivering some 125 acres for commercial development - 55 acres for office accommodation, 32 acres of general industrial space, and 38 acres of distribution warehousing. However, it has become apparent that this will not be forthcoming in the short to medium term.
Neither will a proposal for a high quality business park to the North of the town. Whilst the 25 acre scheme would be built on Council owned land and has been approved by their Resources Committee it is likely to be some years before this comes to fruition. .
There are currently a selection of small sites - from 0.11 acres to 0.65 acres - available through prop-search, but once these are sold, there is little left in the immediate pipeline.
Whilst new development has not yet taken place at the hugely popular and successful Leyland Trading Estate, the owners have recognised that there remains a strong demand for small industrial units, particularly those offered on flexible lease terms. The Estate already offers units from 1,050 sq ft up to 3,150 sq ft, where tenants are effectively tied in for terms of 12 months, but it will shortly be offering additional storage in units from 200 sq ft. Active Storage Units are now being installed on the site and feature easy to operate roller shutter doors and internal chequer plate flooring. They will be available to let on short-term leases with rents from just £200 per month quoted.
In terms of general letting/sale activity across industrial estates in Wellingborough it is very much ‘business as usual’ with a significant amount of space being let to new businesses to the area, as well as those seeking expansion space. This is across all size ranges although there has been a higher transactional number for units up to 50,000 sq ft. Indeed, prop-search has so far this year transacted in excess of 300,000 sq ft of commercial property.
A 40,000 sq ft industrial unit on Sinclair Drive, Park Farm has recently been let on behalf of Hampton Brook to Slough based The Paper Pallet Company Limited. The company manufactures a range of paper pallets made from 100% recyclable paper which after use can again be recycled - and pallet runners.
At the smaller end of the market, the letting of a 2,289 sq ft industrial unit on Sanders Road has just completed, prior to any formal marketing - highlighting the supply and demand imbalance. Bridgman Precision Engineering has acquired the property on a new five year lease to aid its continued expansion.