Whilst many sectors went very quiet during the recent Easter break, the North West’s commercial property sector was engulfed in a flurry of activity.
The Manchester Evening news has declared, ‘an Easter parade of property investments proves that the North West’s economy is springing back into life… A series of deals totaling more than £30m was agreed over Easter, showing that confidence in the city’s prospects is growing fast.
This news comes just 3 weeks after the British Property Federation, held a conference in Manchester which was entitled ‘planning for growth’. The key aim for the conference was to discuss how the Localism Bill can be used to boost property redevelopment initiatives in the North West.
The Localism Bill was brought in during December of last year with the aim to shifting power from central government to communities. The government hopes the bill will offer new freedoms and flexibility to local government, whilst also making the planning system more democratic and effective.
Could the conference have had an effect on the commercial property market during the Easter period?
Following the news that £30million worth of property deals have been agreed, the conference could look to an outsider as having a very positive effect.
Deals include the Market Walk Shopping Centre in Chorley, sold for £22m, a Farnworth shopping centre sold for £4m, a Wilmslow office block which has changed hands for £3m and a Warrington warehouse which was acquired for £2.75m.
It is hoped that these deals will spark further commercial growth in the North West, especially in Chorley. With planning permission for an extension to the Market Walk Shopping Centre passed in February, the deal has fuelled hopes of expansion and further commercial growth in the town.
Whether, the busy Easter period experienced in the commercial property sector, is down to the BPF conference or not, it is certainly positive. It is hoped by one and all that these agreed deals will trigger more activity and lead to a busy summer, in regards to growth in the North West.
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