Interest in Telford Commercial Property is at a high according to RICS Chartered Surveyor Anthony Wiggins of Wiggins Lockett Thompson. Anthony, who heads up the company’s commercial agency department believes that this interest could however lead to problems,
“Demand is all well and good but supply is petering out. Substantial industrial estates we are marketing such as Hortonwood 32, Hortonpark, Cherwell Enterprise Park, Ketley Business Park and Trench Lock 3 are now full or shortly to be at capacity.
Very few developments of affordable multi-let industrial estate have been built in the town in recent year due to high land values, increasing build costs and rents have not yet and are unlikely to catch up soon to make new development viable. Telford is and will continue to lose new business and jobs to rival locations. It is positive that land is selling to owner occupiers and larger occupiers but the town needs more space between 5-30,000 sq ft to meet existing demand.
We are already receiving enquiries looking to the Black Country for space which, if available, would certainly have stayed in Telford. The stock in the Black Country is far more varied and numerous and our new office in Brierley Hill is fielding a great number of enquiries. There needs to be a significant market adjustment to enable speculative development in Telford to once more take place to meet pent up demand.”