Peterborough’s fast moving property market has seen another deal secured in short order by commercial agency Barker Storey Matthews.
While the freehold sale of a property on the city’s Park Road took just 22 days from marketing to completion earlier in the summer (June), the most recent transaction – the letting of premises at 541 Lincoln Road – saw a new ten year lease signed and the deal completed within ten days of both parties’ solicitors receiving initial instruction.
The 1,161 sq ft property on Lincoln Road is opposite the Maskew Avenue ‘Triangle’ junction, approximately three miles north of Peterborough city centre.
Offering open plan retail accommodation and rear loading access, the new tenant of 541 Lincoln Road will be a funeral care provider and, confirms Barker Storey Matthews, there was competitive bidding for the property with another funeral care provider of equal national repute.
The new lease on the property was marketed at £13,500 per annum. While the final agreed rental level remains client confidential, the agent advises it was substantially above the marketing price given the competitive interest in the property.
The speed with which both the landlord’s and the new occupier’s professional advisers acted to secure the best position for their clients is a testament to the pace of certain elements of Peterborough’s commercial property market this summer, according to Julian Welch, Director, Barker Storey Matthews in the city.
He explains, “That a new lease was secured for a new tenant in such a short timescale proves that the lack of supply of certain types of property in Peterborough is leading to a very competitive situation when demand is present in the market.”
