A spate of recent transactions illustrates the strength of the East Lancs industrial market especially in prime locations.
Our Burnley office has recently completed or agreed terms for numerous industrial buildings.
A 20,000 sq.ft. speculative scheme undertaken by Barnfield Construction at Empire has now been completed and is now 100% occupied.
5,000 sq.ft. at Valley Forge Business Park Nelson has recently been sold to a local occupier for expansion. Close by the construction of Pendle Court continues with Sugdens scheduled to relocate in Summer 2019. The final phase of Pendle Court provides 11 starter units which will be constructed later this year. Already a high percentage of the units have been reserved.
Elsewhere a 42,500 sq.ft. unit was placed on the market last month and already terms have been agreed with a local occupier for them to acquire the building and expand within Burnley.
A modern unit within Shuttleworth Mead is also under offer with numerous parties showing interest.
Adjacent to Shuttleworth Mead a speculative scheme is being undertaken by Business First and is currently coming out of the ground. The site provides 13 units in total and approximately 75% of the buildings are now reserved.
Elsewhere in Pendle we are advising developers on 2 sites which are likely to see planning applications come forward later this year.
Director Michael Cavannagh comments there is undoubted pent up demand for quality industrial and warehousing accommodation in well located business parks. When stock does come to the market especially on a freehold basis there are potential occupiers keen to relocate into better well planned accommodation. Two recent instructions have resulted in us requesting best and final offers which further illustrates this point.