According to credit card comparison site Totally Money, Peterborough is the ’10th best place in the UK to make a living’. The research takes into consideration a number of indicators including average median household income, average mortgage repayments, job growth rates and the general cost of living.
Peterborough ’10th best place in the UK to make a living’?
The capital came a mere 26th, whilst Norwich came 59th and Ipswich 49th. Peterborough’s ‘rivals’ Milton Keynes and Cambridge came 5th and 3rd respectively despite Cambridge’s eye watering house price levels.
Whilst the study interestingly explores a number of KPI’s centred on house prices and affordability, how do Peterborough’s commercial properties compare?
Well, Peterborough remains a very affordable location for both industrial/warehouse units and offices with a good supply and variety of building sizes comparable with its neighbouring cities across East Anglia and the East Midlands.
It is fair to say that the supply of office space in Peterborough has tightened within the last 2 years, more significantly during 2015, but prices for second-hand space remain competitive at around £140-£150 per sq ft for freehold properties and around £11-£14 per sq ft per annum for leasehold. There has been an increasing demand for new build properties since mid-2014, but even with hefty increases in construction prices, rents for new builds can start at around £17 per sq ft so this still remains below competing centres.
Permitted development rights and the shortage of housing within the city centre has led to a significant reduction of central office space, yet out of town demand still exceeds that for central accommodation in any event.
The city’s industrial and warehouse affordability is considerably better than that of Cambridge or Milton Keynes and availability of space will continue to outstrip the city’s rivals with a number of schemes already having the benefit of planning consent including the impressive Roxhill Gateway development at Orton Southgate, which in itself could provide in excess of 5 million sq ft of space, which is bigger than all the buildings currently built in Orton Southgate combined!