22/03/2024
Property AgencyThe degree of uncertainty with which businesses began 2024 has continued through to the spring and will likely characterise the coming quarters until after the pending UK General Election.
Eddisons’ Huntingdon office covers a wide area, including central & south Cambridgeshire and north east Bedfordshire, along with the towns of St Neots, St Ives, Sandy & Biggleswade. These areas have seen a steady flow of industrial transactions in particular.
Eddisons handles a number of brand new light industrial schemes there, including The Lakes Business Park and Compass Point in St Ives and the now well established Vision Business Park in Biggleswade, adjacent to the A1.
And, as it has been for a number of years now, this industrial agency market is proving resilient with owner occupiers and private investors. Best prices at Vision Business Park, to date, are £190 psf for freeholds while rents at The Lakes Business Park have achieved £10.50 psf on one its newest schemes in the latest phase.
The shortage of good quality modern premises in the second hand industrial market remains an issue, although there are indications of better availability going forward.
The office market continues to be challenging, with no new development in our area likely for the foreseeable future. Demand for office buildings in the Huntingdon market sees enquiries from indigenous companies looking to relocate locally.
Several office buildings being marketed continue to attract interest from developers seeking to undertake residential conversions. It will be interesting to see if the changes to Class MA, General Permitted Development Order, which came in to effect in early March, will further this type of interest.
Retail faces its ongoing challenges – particularly for larger stores. However, smaller units, particularly in edge of town centre locations, specifically those suitable for more service type functions that cannot be replicated on line – such as salon-based businesses – continue to attract interest.
The Huntingdon market benefits from its strategic location and strong fundamentals. The long term popularity and expansion of Cambridge has a ‘trickle down’ effect on the Huntingdon market.
Plus, Huntingdon has good transport infrastructure adjacent to the A1/A14/M11 and the East Coast mainline rail connection. The upgrading of the A428 between the A1 south of St Neots and Cambridge has now commenced.
