Acting on behalf of longstanding clients Tim Gilbertson of FHP is delighted to confirm the first significant industrial/warehouse letting of 2014 which sees over 100,000ft² of space let at Junction 28 of the M1.
The deal concluded clearly reflects the improving industrial and distribution market locally and with space at a premium and demand continuing to improve a number of similar deals are in the pipeline. Great news on face value but ultimately the sector is faced with stock shortages and as a result the pendulum is now swinging in favour of landlords and developers after many years of being a tenant/purchaser friendly market.
Tim Gilbertson commented:
“I was delighted to bring this property to the market and knew immediately that it would fill a gap due to the lack of competing stock in the area.
Set in a prime location just off the M1 at Junction 28 and adjoining the A38, whilst slightly dated the building benefitted not only from a great location but also a substantial yard. These key factors plus the improving demand in the market place and lack of competing space encouraged early interest in the building and as a result a deal was agreed with local furniture company Celebrity Motion Furniture to enable them to expand and relocate from their base on the other side of the motorway at Alfreton.
The deal agreed sees a 10 year lease signed and with our client undertaking various alterations to the building to adapt it specifically for the tenants needs we are sure that it will serve them well for the future.
The overriding sentiment is that the market is improving, demand is rising and supply is falling and with any number of unsatisfied requirements locally I would be delighted to hear from any landlords or vendors looking to put their property on the market to take advantage of what seems to be the first improved trading conditions for many years.
I wish Celebrity Motion Furniture well in their new base and have no doubt that it will serve them well for the future.
Philip Westin-Hardy of New West Chartered Surveyors acted on behalf of the tenants, Celebrity Motion Furniture.
