Strong interest in industrial premises and business units has characterised the Huntingdon commercial property market this year (2021) and has remained consistent in the final months of the year, according to the local agency of Eddisons incorporating Barker Storey Matthews.
Richard Adam, who is head of the firm’s office in the town, has been speaking about the local market for business units in considering how Huntingdon and the district’s other towns, including St Ives and St Neots, can meet future demand.
He said, “Commercial property moves in the industrial sector of the market, in particular, have certainly bucked the trend when set against wider business trading conditions over the last few months.
“Demand for business units has been strong throughout the whole of the year and we are always seeking new instructions to satisfy the property requirements of a mixture of tenants and occupiers.
“While all property sectors have faced difficulties – most obviously the office and retail markets have been under the most pressure – the adaptability of light industrial units for business use sees these types of property holding up well.
“Such industrial units offer flexible accommodation for use in manufacturing or storage and distribution. Some also suit R&D use and others can be adapted in part for office-type occupiers.”
Eddisons incorporating Barker Storey Matthews acknowledged that the A14 upgrade has improved access throughout the district this year and helped to profile new commercial locations in the area, as well as reinforce the desirability of established trading areas of Huntingdon, St Ives and St Neots.
In addition, Richard Adam pointed to the role that brand new, small industrial schemes have played in underpinning this property sector in the local market.
“We have been actively involved in the promotion and sale of two new schemes in St Ives, at the Lakes Business Park, adjacent to the A14 (now the A1307 local road) and all units there have now been secured by buyers and tenants,” he said.
In explaining the success of these schemes, Richard Adam confirmed that these types of units have attracted particular interest from owner-occupiers seeking to purchase such industrial units through their own private pension funds and then occupy via their trading businesses.
Looking to activity in the year ahead (2021), Richard Adam concluded, “To meet ongoing demand in this sector of the market, we have several clients who are actively looking to develop further sites in the Huntingdon, St Ives and St Neots area.
“This, in turn, should create further availability of such light industrial units for flexible business use towards the end of the coming year.”
