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News | Independent Commercial Property Agents | PAI

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Update on the South West commercial property market

Wednesday, 23 March 2022

Update on the South West commercial property market

Levels of activity in the commercial and leisure property market remain buoyant in the South West. Property agents at PAI member Vickery Holman note that completions are at a similar level to 2021 but that viewings are significantly up by 54% across the region, reflecting the lack of stock and the competitive nature of the market.

‘The demand for industrial units has been strong for a number of years now and is causing values to rise. However, the lack of supply of good quality commercial space has resulted in a very competitive market. We have just completed on three new lettings of commercial units at Helston Business Park to Complete Business Solutions Group, Toolstation and Horizon Plastics. All are fitting out their units with a view to being open and trading as soon as possible.  It is particularly pleasing to see this 19 acre site being developed after lying vacant for 15 years. We have worked alongside Matthew Lugg since MJL bought the land in 2016 and since then he has been progressively developing the site and is pleased with the tenants secured to date. A third phase has been granted planning permission and we’ll see another 10 units there – but 7 of these are already under offer, showing how hot the market is for commercial space in a good location.’ Said Alan Treloar, Director in the Vickery Holman Truro’s office. 

Matt Lugg added ‘With 70% of the next Phase secured the Site is going to continue to grow and bring some fantastic employment opportunities to the local area. Alan Treloar acting on behalf of Vickery Holman have done a great in job working alongside us to bring the Site to life after lying dormant for 15 years. We have plans to continue growing the Site and providing Business with a great place to work.”
 
The picture is similar in the firm’s Exeter, Plymouth and Bristol offices. Zach Maiden reports high levels of activity across retail, office, and industrial sectors. ‘Vickery Holman has brought several high-profile properties to the market in the past month, including the former Midas building in Newton Abbot which is already attracting interest. It’s unusual to have the opportunity to buy a freehold for such a high specification office building in a commanding position with excellent train and road links. The former Las Iguanas in Exeter centre is about to complete and has been granted approval to change the use to a hybrid bar/restaurant and nightclub. We saw record levels of interest in that property too. It’s also been good to be able to give advice in relation to the acquisition of the former Costa which has been unoccupied since the devastating fire in Exeter in 2016. Once this property has been refurbished, we’ll be marketing this excellent space on the High Street. The other trend we’re seeing is the rise of interest in retail in secondary locations, such as the former William Hill premises in Bedminster, Bristol. Even with the shift to online shopping, there is no lack of interest in retail premises in residential areas which will enhance the community.’