Bradford commercial property market on the up as property agent Eddisons reports increase in deals
Property consultant Eddisons has reported an increase in property transactions in Bradford in the four months to July, with a string of sales and lettings a sign that the city’s economy is rallying.
John Padgett, Director at Eddisons, said: “This has been a particularly busy four months for us and the number and wide variety of property deals that we have been involved in this spring and summer is a tremendously encouraging indicator of Bradford’s increasing economic success.”
Deals carried out by the firm include lettings at the Link 606 business park, where Eddisons provided Preston-based construction group Eric Wright with 2,400 sq ft of office space as a base to fulfil a contract for Yorkshire Water. Eric Wright has committed to a nine-year lease off an asking rent of £12.50 per sq ft. Eddisons has also let a further suite of 1,000 sq ft at the business park.
In the city centre, the firm has let a 1,500 sq ft suite of offices at the Grade II listed Kenburgh House, built by Titus Salt in the 19th century, to national charity Lifeline off a headline level of £8 per sq ft. The charity plans to open a community wellbeing centre in the building. Terms have also been agreed to lease a full floor of offices in the property to the NHS.
Down the road at Cheapside Chambers, contracts have also been exchanged on the upper floors of the landmark city centre building, which is being converted to residential use under the new office-to-residential permitted development rights.
Other deals completed by Eddisons in Bradford since the end of March this year include the sale of Skipton Chambers on North Parade to Leeds-based BLG Property off an asking price of £255,000, and the lease of warehousing at unit 10, Lister Street to plastic building products supplier Pearl Plastics. Both deals were carried out on behalf of landlord Wharfedale Finance.
At Mitre Court on Cutler Heights Lane, the firm has let two units and has now been instructed to sell the trade counter/warehouse space as an investment. Eddisons has also acted as joint agent with Cushman Wakefield, letting a unit at Wakefield Road Trade Park on behalf of warehousing specialist Industrious, and with Hayfield Robinson to let two units at Marley Street in Keighley for Marrtree Investments.
Meanwhile two units of 6,000 and 4,000 sq ft are about to complete at Pitcliffe way Industrial Estate.
Mr Padgett added: “Investment in the city, with projects such as the Broadway Centre helping to increase confidence, is really starting to pay off and the much talked about ‘Westfield effect’ is becoming a reality.”
Written by: John Padgett on Tuesday 02/08/2016