Warwickshire’s first speculative development in five years proves the market is ‘starting to show signs of marked improvement’, according to a local property expert.
Property developers and investors A C Lloyd have secured planning permission for the £2million Trident Business Centre on Tachbrook Park in Warwick.
This 22,940 sq ft development will be made up of 14 high-quality business units available for sale, which are expected to be available in the third quarter of 2014 and can be taken up either as single units, starting from 1,000 sq ft or combined.
Speculative commercial developments have been extremely rare in recent times but the fact the firm is ready to start development on this site underlines, according to Tom Bromwich, from leading agents Bromwich Hardy, that the market could be moving into better times.
He said: “We think this is the first speculative development in the area in five years.
“They have been rare because they require businesses and business owners to be confident of the medium term future, and that clearly has not been the case in recent years.
“The fact that £2million is being invested in this build goes to show the level of confidence there is that the market in this area is turning in the right direction.
“The units start from 1,000 sq ft but are very flexible in that they can be combined with others to create units of up to 3,000 sq ft.
“There has already been a good level of interest before we have even begun to market the units, which goes to show their potential and that of the market in this area as a whole.”
The Trident Business Centre will form the latest part of an impressive property portfolio on Tachbrook Park, which is particularly popular given its good links with London.
Parts of the park overlook Europa Way, the main road linking Leamington Spa town centre with the M40 motorway.
Europa House, Athena Court, Nicholls House and Bishops House have all been completed by A C Lloyd and have units of various sizes available for businesses seeking a well-connected base.