Suite suits healthcare manufacturer’s office needs

Suite suit healthcare manufacturer’s office needs

An office suite in Newmarket has been let by Eddisons incorporating Barker Storey Matthews to Nitritex Ltd – a manufacturer of healthcare and cleanroom materials.

Eddisons’ Bury St Edmunds office acted as sole agent in the letting of the 2,018 sq ft (187.47 sq m), modern ground floor office suite at 15 Kings Court on Willie Snaith Road in the Suffolk.

The new tenant joins a range of office, service and retail occupiers in Newmarket’s main business district on the edge of the town, close to the junctions of the A14 and the A142, with onward access to Cambridge and the M11 and also the East Coast ports.

Emma Allen, of the Ansell Nitritex group, said, “Nitritex Ltd has operated from Newmarket for more than 20 years and we are so pleased that we have found a new home at Kings Court in which to continue our journey.

“As a Life Sciences Solutions business our UK sales and support team are approaching a very exciting new period in our company’s history, so we are all looking forward to having a lovely office space to enjoy whist we continue to grow and support our customers.”

For more information on similar office suites to let in Newmarket, contact Simon Burton tel 01284 702655, [email protected] or see eddisons.com/barker-storey-matthews.

Industrial & logistics are the unsurprising stars in 2020’s year of commercial property moves

Industrial & logistics are the unsurprising stars in 2020’s year of commercial property moves

The industrial and logistics sector remains the unsurprising star turn in the commercial property market in the Eastern region in 2020, with other sectors falling away largely due to the prevailing drift of already established global trade trends and reinforced by the obvious impact of the Covid-19 pandemic.

That, in summary, is the experience of the past twelve months by leading chartered surveyors and commercial property experts, Barker Storey Matthews – whose integration with Eddisons completed last month (November) following acquisition last year (2019).

In reviewing the activities of its agency reach across the Eastern region from offices in Peterborough, Huntingdon, Cambridge and Bury St Edmunds, Eddisons incorporating Barker Storey Matthews (as the firm is now badged) points to the leading role the industrial sector, in which logistics sit, has played in being fuelled further by business lockdown phases which have characterised all quarters of the trading year.

The phases of lockdown resulted in huge surges in online orders and deliveries which has also led to enhanced investor appetite in the industrial sector.

Investors seeking freehold opportunities have focused even more attention on the industrial sector this year as the appetite for retail investments and offices wanes.

The regional sense of the market in 2020 has been reflected in the micro-markets in which its local offices are so active.

Industrial stock levels remain at an all-time low in Peterborough.

Eagle Business Park in Yaxley continues to perform in meeting demand in this sector with the new build schemes of its second development phase.

Heron Court has been completely let and sold in 2020 and Slater Court is 90 per cent under offer prior to practical completion before the year’s end. Many units at two schemes coming on stream in 2021 are already reserved off-plan.

While the office market has slowed, office occupiers reviewing their requirements have made the 1,500 sq ft market a little more buoyant than pre-Covid-19.

The year has seen a number of small new industrial development schemes serve the local markets around Huntingdon and the local office is instructed on a number of similar small schemes set to be underway for occupation at the end of 2021.

The completion of the A14 upgrade sees improved transport links between Huntingdon and Cambridge now affording a viable opportunity for technology and R&D occupiers to take advantage of relatively competitive rents in this important corridor. There are a number of active enquiries from technology firms looking for such opportunities.

Investor appetite remains in Cambridge – evidenced by a number of current ‘live’ deals where achieved prices are 10-20 per cent above asking prices and that range is not untypical.

Prime office areas are holding up as supply is tight but occupiers are looking for more flexibility. Unsurprisingly, smaller serviced offices look set to come in to play more in the coming year (2021).

Equally unsurprising is the resilience of the laboratory market, with the traditional science park locations in and around the city as in demand with niche occupiers as ever.

Across the whole Eastern region and to date, deals concluded with occupiers across this year are down on 2019 by around 15 per cent.
Notwithstanding the problems in the wider economy caused by the pandemic, the figure represents a resilient property sector. More remarkable is that prices and rents have continued to rise, largely as a result of a chronic shortage of space in the market.

How long this will continue remains to be seen but the Eastern region, as a whole, has not yet seen large scale vacancy issues – albeit the retail sector will, inevitably, give rise to more concern in the coming months as we enter 2021.

Before faced with problems caused by lockdowns, many occupiers were reluctant to cite BREXIT as an explicit reason to abort a move. But the inevitable end of the transition phase of BREXIT – and whatever follows – will remain an influence on some business occupiers’ decision making in looking to the other side of the pandemic.

The chorus of high street chain failures will continue to affect retail property fortunes and, unfortunately, this may well be joined by the leisure sector as many firms are struggling with the impact on trading.

In general, the office market has turned from a ‘patchy’ performance, in to one of uncertainty as firms get to grips with shifting patterns of work, primarily working from home (WFH).

Interestingly, however, Eddisons incorporating Barker Storey Matthews is seeing more enquiries in the Eastern region as companies consider relocation from larger, metropolitan cities. This is a trend expected to continue forward to 2021, at least in the short term.

Larger companies are also focusing on adapting offices to provide more conferencing and meeting room facilities. They are also looking to host reduced desking to allow for the WFH environment but, in doing so, want to offer staff better quality facilities for the reduced hours expected in the corporate facility.
In saying that, there is the expectation of some migration back to office space in the coming year, especially to cater for younger workers who see the office environment as a good place for social interaction, mentoring and training.

In summarising the Eddisons incorporating Barker Storey Matthews’ 2020 market view and in looking ahead to the coming twelve months, Stephen Hawkins, Partner at Eddisons, said, “At this time last year, we said that 2020 would have similar economic and geopolitical forces bearing down as those of 2019.

“We pointed to the steadiness of investment in bricks and mortar in retaining its long term investment appeal – no matter how much of another rollercoaster ride the month to month experience of 2020 was sure to be.

“We stand by both forecasts.

“But 2020 has been one hell of a year and we are still not out of the woods yet – albeit the welcome promise of national vaccine roll-out. But its fulfilment will be critical.

“The commercial property market will, inevitably, have its issues but we are confident that, in overall terms, our region will emerge out of 2021 in pretty good shape.

“There will be casualties but we are probably in one of the best, if not the best, region in which to be located as this unprecedented year turns.”

Find out more 

For any press queries, please contact:
Richard Jones, Eddisons incorporating Barker Storey Matthews, 01733 897722, [email protected].

Town centre retail premises for animal charity

Town centre retail premises for animal charity

The latest retail letting by the Bury St Edmunds office of Eddisons incorporating Barker Storey Matthews sees animal charity Wood Green Animal Shelter in premises in the town centre.

Number 8 Brentgovel Street gives the charity two floors of open plan retail space – totalling 3,505 sq ft (325.7 sq m) – in a corner position and with return frontage, situated on the thoroughfare from Risbygate Street to Buttermarket. Other nearby retail occupiers include Sports Direct, Greggs and Boots Opticians.

Speaking about the new premises, Jake Hornsbury of Wood Green Animal Shelter said, “We are delighted to have secured the shop on Brentgovel Street.

“Wood Green has been looking to open a shop in Bury St Edmunds for a while and this unit presented the perfect opportunity. We look forward to welcoming customers into the refitted shop.”

Simon Burton of Eddisons added, “We are delighted to welcome such a high profile charity as Wood Green to Bury St Edmunds.

“It adds another new occupier to the town in taking up these attractive and substantial retail premises.”

For more information on retail premises to let in Bury St Edmunds, contact Simon Burton at the local office of Eddisons incorporating Barker Storey Matthews tel 01284 702655, [email protected] or see eddisons.com/barker-storey-matthews.

 

Find out more 

For any press queries, please contact:
Richard Jones, Eddisons incorporating Barker Storey Matthews, 01733 897722, [email protected]

Freehold fires gas service company’s interest

Freehold fires gas service company’s interest

An independent gas services firm has purchased the freehold of a business unit at Eagle Business Park, Yaxley in a deal which saw the Peterborough office of  Eddisons incorporating Barker Storey Matthews act as sole agent on behalf of the vendor.

The freehold of 14 Talon Court at the business park sees local firm, Mark Abraham Gas Services Ltd, make the transition from a ‘work from home’ base in Yaxley to its first, formal company premises since being established in 2004.

Unit 14 Talon Court is a 1,479 sq ft (137.4 sq m) terraced unit which was offered for sale or to let by Eddisons incorporating Barker Storey Matthews.

With CCTV, the fenced and gated unit gives the new owner-occupier plenty of space for vehicle parking too.

The new freehold owner-occupier, Mark Abraham, said, “Trading for 16 years and with seven employees, the time had come to invest in stand-alone premises in order for the business.

We wanted a local base from which to serve our existing residential customer base, plus look to future growth.

“With Eagle Business Park on our home doorstep, we knew it was the right time in the company’s lifecycle and the right premises for making a freehold purchase.”

Eddisons partner, Richard Jones added, “Mark Abraham’s company joins a number of local owner-occupiers who have freeholds at Eagle Business Park – at units on the established schemes of the park, such as Talon Court, and also at the development’s new-build courtyard schemes.”

For more information on business premises at Eagle Business Park and in the Peterborough area, contact the local office of Eddisons incorporating Barker Storey Matthews, tel 01733 897722, or through eddisons.com/barker-storey-matthews.

Four in a row for landlord and web design co

Four in a row for landlord and web design company

A Peterborough property agent and its landlord client are marking the fourth successive property letting in a decade to the same city-based web design and marketing company whose property requirements have grown in tandem with the business’s success.

As the agent acting on behalf of the private landlord client, Eddisons incorporating Barker Storey Matthews, whose office is on Thorpe Road, has recently let a 3,740 sq ft unit at Papyrus Road to Geek Designs who will move in to the new premises before the end of the year (2020).

The agent and the same landlord have helped Geek Designs with each of their property moves into larger premises.

The web design company’s commercial premises started with a 350 sq ft shared office in the Peterborough city centre, followed by a move to their own 540 sq ft premises at Tesla Court then expansion into a 1,350 sq ft office at Papyrus Road and now into their new, larger offices on the same development.

Ian Bridgestock, Director and Co-Owner of Geek Designs, commented, “We have seen a steady growth over the past eight years. Not only have we seen this as a business, but also within the city.

“Year on year, we have watched new companies establish themselves in Peterborough, and it is clear to see the city is thriving.

“Consequently, as Geek Designs has grown, it has been a natural progression for us to expand our team and office space.”

According to Julian Welch, who has worked with both landlord and tenant on all four lettings, the property moves of Geek Designs this past decade are typical of many Peterborough businesses whose first move is often from a home-office base.

He commented, “It is always gratifying to chart the business success of any SME (small to medium enterprise) and see this reflected in such companies’ increased property requirements as they grow from strength to strength in the city.

“This is not an uncommon story on Peterborough’s business scene.

“Additionally, what is of note in this instance, is that our client – the landlord – has been a constant feature too in the company’s property moves and growth in meeting their successive requirements for larger premises from his Peterborough property portfolio.

“This latest letting transaction at Papyrus Road is a testament to the benefits of an ongoing three-way working relationship between all parties – landlord, tenant and agent.”

For more information on offices and commercial premises to let in Peterborough, contact Julian Welch at the city office of Eddisons incorporating Barker Storey Matthews, tel 01733 897722, [email protected] or see eddisons.com/barker-storey-matthews.

New business unit developments now completed

New business unit developments now completed

The Huntingdon office of Eddisons incorporating Barker Storey Matthews has confirmed completion of the sale of all the units at Oak Court at The Lakes Business Park in St Ives where its companion development, Chestnut Court, is almost fully occupied with just one unit remaining.

The two schemes total 14 brand new business units and range in size from 1,300 sq ft to 3,400 sq ft. The units have been taken by a mixture of local and regional occupiers as well as some private investors.

The new operators add to the complementary blend of occupiers at The Lakes Business Park. Small and medium businesses there have been attracted by the site’s excellent location, the ‘de-trunked’ former A14 which now operates as the A1307 and provides good access to the surrounding area.

Oak and Chestnut Court follow on from the success of Willow Court within the setting of The Lakes Business Park development which is now fully let.

Eddisons Director, Richard Adam, who handled the sales and the lettings, commented, “Oak Court and Chestnut Court have been shining examples this year in reflecting ongoing activity and sales completions.

“The units have proved popular because they are, relatively, affordable for small companies and can be adapted to suit individual requirements, including extension of office space.

“There is a single plot remaining at The Lakes Business Park site which the owners intend to develop next year (2021).

“We are already in conversation with a number of local companies who are wanting to plan forward for their business growth.

“And while the market is, undoubtedly, going to be a tough one in the coming quarter, we are sensing that 2021 will be brighter for business and, hopefully, lead to continued activity in the industrial unit sector.”

For more information on industrial property availability in the Huntingdon area, contact Richard Adam at the local office of Eddisons incorporating Barker Storey Matthews here eddisons.com/barker-storey-matthews.

New restaurant premises are on the menu on Newmarket High Street

New restaurant premises are on the menu on Newmarket High Street

Restaurant premises within the distinctive Doric building and former cinema on Newmarket’s High Street have been let for use as a new Turkish restaurant, confirms the Cambridge agency of eddisons.com/barker-storey-matthews Eddisons now incorporating Barker Storey Matthews who were joint agents under instruction. The 3,120 sq ft (290 sq m) ground floor premises are at 146 High Street and have an impressive frontage as part of ‘The Grosvenor’ redevelopment at the junction of The Avenue in the Suffolk town.

Laurence Gercke of Eddisons incorporating Barker Storey Matthews was certain that the 146 High Street premises were always likely to attract independent restaurateurs who have a niche offering.

He explained, “It is a distinctive building, close to The Jockey Club and the Palace House setting of Newmarket town centre, at the racecourse end of the High Street.

“This part of Newmarket has undergone a transformation in the past few years and 146 High Street is part of the latest phase of redevelopment under The Grosvenor scheme, with Grosvenor Yard to the rear.

“The extensive ground floor premises give the new restaurant owners a chance to make their mark here with the menu and the interior style.”

For more information on restaurant or retail premises to let in the Newmarket area, contact Laurence Gercke at the Cambridge office of Eddisons incorporating Barker Storey Matthews, tel 01223 456155, [email protected] or through eddisons.com/barker-storey-matthews.

Consolidation of acquisition sees complete suite of property services now in place

Consolidation of acquisition sees complete suite of property services now in place

This month sees the consolidation of Eddisons’ acquisition of Barker Storey Matthews, with the latter now designated as ‘Eddisons incorporating Barker Storey Matthews’.

The deal was announced in April last year (2019) when the entire share capital of Barker Storey Matthews was acquired by Eddisons, a wholly owned subsidiary of Begbies Traynor plc.

Work since then has seen the integration of Barker Storey Matthews’ personnel and business infrastructure and its systems, policies and procedures, culminating in full amalgamation this autumn (2020) with its four offices – in Peterborough, Cambridge, Huntingdon and Bury St Edmunds – now operating as the Eastern Region of Eddisons’ UK regional network of 20 office locations.

Commenting on the completion of this final stage of the acquisition deal, Steve Hawkins, Partner, said, “The re-badging of the brands marks the conclusion of the acquisition process which, to the credit of our teams and clients, has gone smoothly, in spite of the vagaries of spring’s business lockdown.

“Our combined office network is well placed to offer the complete suite of property agency and professional services to clients whose business and property interests span the UK.”

Find out more 

For any press queries, please contact:
Richard Jones, Eddisons incorporating Barker Storey Matthews, 01733 897722, [email protected]

How to avoid disputes about dilapidations

How to avoid disputes about dilapidations

 

Dilapidations can be a contentious issue between commercial landlords and tenants, with disputes commonly arising at the end of a lease term. Dilapidations are essentially breaches of a lease covenant, and can be a costly issue if tenants fail to understand their liability in this respect.

If a tenant doesn’t meet their obligations as set out in the signed lease, they may become liable for the cost of extensive repairs, plus court costs if the landlord decides to take legal action.

A Schedule of Dilapidations will be sent to a tenant approximately six months before the lease ends, defining all repairs or refurbishment required. Commercial leases contain dilapidations clauses to protect landlords from the cost of repairing damage to their building, or having to reverse cosmetic alterations carried out by the tenant.

So how can both tenants and landlords avoid dilapidations disputes when a lease expires?

Tenants

Understanding the obligations

To facilitate a smooth exit tenants need to be aware of, and understand, dilapidations clauses within a lease. Prior to signing they should seek advice on the ramifications of failing to meet their obligations, and obtain professional assistance if unsure about any aspect.

It’s also worth noting that, if a clause regarding Interim Schedules of Dilapidations is included, the landlord may send dilapidations schedules at various points during the lease term, in addition to the final schedule six months prior to exit.

Making preparations to repair or refurbish

By preparing to undertake repairs well before the end of the tenancy, both financially and practically, tenants can avoid disagreement with their landlord in respect of dilapidations. It’s advisable to build up a contingency fund throughout the lease term, covering the cost of some or all likely repairs.

In a practical sense, tenants can regularly monitor the state of repair of their building with a view to preventing further decline, whilst also helping to spread the cost.

Seeking help from a chartered surveyor

A chartered surveyor will explain the meaning and implications of any dilapidations clauses, and a tenant’s obligations under their lease. It’s a good idea to prepare a Schedule of Condition (SoC) prior to signing a commercial lease. This should include photographic evidence of the property’s condition before the tenant moves in, and be included with the lease agreement if possible.

Landlords

Clear and specific lease clauses

To avoid misinterpretation or disputes over dilapidations, landlords should ensure their lease agreements are clear and specific. If a landlord wishes the carpets to be replaced at the end of a tenancy, for example, this should be specifically stated within any dilapidations clauses.

Similarly, if a new tenant wishes to make cosmetic alterations during their tenancy, and the landlord requires these to be reversed when the lease ends, this also needs to be stipulated. Even if only minor cosmetic changes have been made, they require financial input from the landlord to reverse, and can potentially delay a new tenant coming in.

Consider an Interim Schedule of Dilapidations

If landlords fear their tenant may not care for or maintain the property to an acceptable standard, it would be beneficial to issue Interim Schedules of Dilapidations to protect their interests.

The right to issue interim schedules should be included in a lease agreement, stating the ramifications for tenants who breach the lease covenant – a claim for damages that could potentially lead to court action, for instance.

As far as tenants are concerned, careful research and preparation are key to avoiding disputes with their landlord over dilapidations. Landlords also need to ensure their tenants understand the obligations defined in the lease agreement, and make clear the enforcement measures available to them if necessary.

Eddisons can provide further advice on how to avoid dilapidations disputes. Our expert team of chartered surveyors has extensive experience of dilapidations issues, and can work with tenants and property owners to reach a conclusion acceptable to both parties. For more information on mediation or other commercial lease issues, please contact one of the team.

For more information on Dilapidation Services click here or contact us today by completing the short form below and one of our team will call you.

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Written by: Ian Harrington updated 05/10/20

The A14 funnel effect

The beefed-up A14 is bringing forward a number of new enquiries for the Huntingdon office of Barker Storey Matthews which is now part of Eddisons. Richard Adam, Director and the office’s head of agency, considers the benefit of being perfectly placed.

The A14 funnel effect

Half an hour’s drive and just over a 22 mile drive to the north of our Huntingdon office sees you in Peterborough, just over 34 minutes away by car and just over 18 miles to the south is Cambridge where Barker Storey Matthews also has an office.

So our Huntingdon office couldn’t be more perfectly placed to benefit from the ripple effects of the commercial property market in the county’s two main cities.

Huntingdon is second only to Peterborough in our agency areas of operation for being a hive of industrial activity and premises and it’s a market sector in which operators are prevailing as we begin the phases of lifting out of pandemic business lockdown.

The landmark Alconbury Weald development off the A1(M), en route to Peterborough, offers a number of property opportunities on which we are instructed, including a phases offering industrial, office and R&D possibilities.

Particularly from the Cambridge side, we’ve seen a marked a number of enquiries funnelling up towards Huntingdon in the first half of the year. It can be no coincidence that the new 12 mile stretch of the A14 Huntingdon Southern bypass opened last December.

Huntingdon’s business sphere of influence extends to the market town of St Ives which has benefitted – and is set to benefit further – from the £1.5 billion investment programme to upgrade the A14 and the local road network.

There are a number of planned new developments coming through now on which we have instructions in St Ives.

New phases at Lakes Business Park, on the edge of the town – accessed from what is now the A1307, formerly the ‘old’ A14 route – are being marketed.

Oak Court and Chestnut Court are schemes at the development on which we have been recently instructed following the success of Willow Court which is now developed out and fully occupied.

Also in St Ives, Enfield Court is a brand new development of ten units in the town’s most established industrial location, on Nuffield Road.

How business lockdown and the office life experience of working from home will shake-up office requirements remains to be seen and that’s something on which the head of agency in our Cambridge office has recently shared his thoughts.

However, the road improvements in the Huntingdon to Cambridge corridor do now afford the opportunity for the Huntingdon district to funnel through a genre and calibre of blue chip level office occupier who, historically, may have looked more to Cambridge.

For enquiries or further information from Barker Storey Matthews now part of Eddisons about commercial property and premises, contact the office in Huntingdon, 01480 451578.