An increasing number of Midlands offices are available at never-to-be-repeated bargain prices, according to Redditch commercial property agent John Truslove.
Mr Truslove said it was symptomatic of the nation’s wider difficulties and issued a further plea to the Government for greater efforts to push growth.
He said: “The office market is particularly responsive to the vagaries of the economic climate. It is struggling – the Coalition talks a good game but needs to get Britain back to work and companies recruiting again.
“But there is always a silver lining for someone and those businesses which are expanding have a fantastic choice.
“In particular landlords have got the message and hence there are some very keen deals around at the sort of values we are unlikely to see again.”
Mr Truslove cited two “special offers” among his own portfolio – River House, Broom, and Brockhill Court, Redditch.
River House is available on an introductory price of £1 per sq ft in the first year before rising to £7.50 per sq ft in year two.
It is a modern, two-storey, self-contained building, where the Royal Life Saving Society already occupies the whole of the first floor. There are ground floor suites of 2,506sq ft, 1,289 sq ft and 921 sq ft available.
The Stables & Meadow Barns at Brockhill Court can be rented for £4.50 per sq ft plus VAT for the first 12 months; £9.50 per sq ft for subsequent years.
It is a high quality barn conversion in open countryside yet just ten minutes drive from Junctions 1 and 2 of the M42. The Stables & Meadow Barns are Phase Two of the Keith and Eileen Tolley development. There are four units of which two are reserved. The others – 1,448 sq ft and 1,341 sq ft – can be combined.
Mr Truslove said: “These are quite typical of the office market trend – giving introductory discounts is now very common.
“Both are high class properties in wonderful rural environments. It would be hard to beat such attractive locations and the deals available are tremendous value – two or three years ago we would have been talking a lot more.”
Mr Truslove said they represented a bargain for someone.
“While there is currently little sign of the office market picking up I cannot believe these sorts of deals will be around for too much longer.
“Other aspects of the commercial property market such as ‘sheds’ are holding their own which is good. The key is confidence if badly needed jobs are to be created. The Government says it has a growth strategy and points to enterprise zones and the recent Jaguar Land Rover announcement that it is to build an engine plant near Wolverhampton.
“But then you hear of 500 jobs going at energy group Eon and 3,000 at aerospace giant BAE.
“I fear we have some way to go yet both for the economy and the office market.”
