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Call for Speculative Development in Northamptonshire as Demand outstrips Supply

Posted on 26 November, 2013 by Cliff Goodwin

Despite several multi-million pound development deals a county’s commercial property stock has reached “critical” levels.

With a number of new design-and-build projects on the stocks, and demand strong, Northamptonshire is in danger of having its credit crunch recovery stifled by a commercial property draught, according to Prop-Search.

“Pressure on commercial stock throughout Northants, in particular for industrial accommodation, has continued during 2013 with critically low levels of quality units now available,” claims the commercial property agent. “While residential schemes are now visible throughout the urban landscape, speculative commercials projects remain conspicuous by their absence.”

A number of national and international companies have taken the decision to acquire new premises in the county, Prop-Search claims. This year’s biggest projects include:

• The £32m sale of Silverstone Industrial estate and the development land around the     outside of the Grand Prix racing circuit. The British Racing Drivers’ Club has agreed a 999-year lease on the 760-acre site with the business and science park group MEPC.

•  A plan by Costco to build its European distribution hub on a 64-acre site at G Park, Crick. The wholesaler has been granted permission for a 1.1m sq ft logistics centre, but will initially build a 565, 000 sq ft distribution facility on the site.

• Dachser is planning to build almost 180,000 sq ft of warehousing and 21,000 sq ft of offices on part of a 16-acre site at Brackmills Point in Northampton. A 350,000 sq ft facility for brewing and retail giant Carlsberg and a speculative warehouse development have also been ear marked for the site.

• And work is nearing completion on a 42,000 sq ft depot at Raunds, Warth Park, for the parcel delivery company, Geopost. Pre-let deals have also been signed by Airwair for a 100,000 sq ft facility and a 250,000 sq ft factory project for Ricoh on the same site.

Hoping to attract new and expanding companies, Frenbury Developments is offering to design and build a variety of facilities including warehousing, factories, motor dealerships and offices on a 23-acre site adjacent to Peel Retail Centre in Corby. Alternatively Frenbury will sell plots on the Manton Park site of one-acre and upward.

Corby, situated in the north of the county, has the potential for leisure and catering projects. Prop-Search says one 17-acre site on the Oakley Hay Industrial Estate is ripe for take-away or drive-through restaurant, hotel or public house developments of between 20,000 and 200,000 sq ft.

And matching Costco’s involvement at Crick, Mulberry Developments has been granted permission for a million-plus square foot distribution centre on a 58-acre, former car storage site near the A14 at Islip.

Although enquiries for industrial properties remain energetic, Prop-Search says there are limited opportunities to satisfy this demand. “This is now putting developers under pressure to return to speculative development … and sooner or later Northants could be at risk of losing some of its existing businesses.”

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