The property market in and around Wellingborough looks set to see some interesting activity over the coming years says commercial property agent Prop-Search.
Expansion of the town, through the development of Wellingborough North and Wellingborough East (WEAST), is now encouragingly closer to realisation. Both projects will comprise significant residential development – initially 3,000 houses between them, increasing to over 6,000 over the next 20 years – with development of new employment land providing for industrial, warehousing and office accommodation.
The growth opportunities in the residential market, as well as commercial development, point to a significant growth in employment opportunities and with this, a boost in the retail and leisure sectors.
The electrification of the mainline rail link to London St Pancras International Station is under way, which will cut journey times to the city and to the north, making the prospect of people moving to the town and commuting to London, even more probable. With the increased demographic, businesses will also inevitably focus on this location. Indeed we have already witnessed the start of this process, with a new development taking place at the entrance to Wellingborough on London Road.
The former Whitworths Bakery/Knapp Tool Site – next door to the Dog & Duck and opposite Castlefields Retail Park, has been sold by Prop-Search to regeneration specialist St Modwen. Having subsequently been retained, deals have now been agreed for the new development of a Drive Thru’ restaurant for McDonalds and a new supermarket for Lidl. The remainder of the site will be speculatively developed for further retail use, offering units from 1,000 sq ft up to a maximum of 8,000 sq ft. Development of this scheme, known as Willow Place, has commenced and is due for completion in summer 2015.
Willow Place will compliment and build upon the surrounding retail offer on London Road – close to M&S Food, Dunelm, B&Q, Pets at Home – and help enhance this important ‘gateway’ to the town. Whilst London Road has traditionally provided a an ‘industrial’ feel when approaching the town centre, the redevelopment of this site for retail and leisure use, helps bring Wellingborough into the 21st Century and addresses the limited choice of facilities for the local population’.
Prop-Search has also now been appointed by developers on the marketing of the former ‘Gloverall’ factory fronting London Road and once again will be looking at the retail and leisure market sectors.
The industrial and warehousing market within the Borough has, and continues to suffer from, a chronic shortage of buildings. Throughout the recession, there has been a steady, but growing take up of vacant commercial space within and surrounding the town. This has resulted in an upsurge in the number of sales and lettings taking place. This healthy take up of space has predictably led to a very limited choice for those companies looking to relocate or expand within the region.
As the inequality between supply and demand grows, there comes a point where -combined with economic confidence – developers begin to review the opportunities for building new stock to meet the demand. Wellingborough has the potential to deliver approximately five million sq ft of new commercial property, including warehousing/logistics facilities and manufacturing units, but it still remains unlikely that these will be speculatively delivered to the market.
The release of land for development – both physically and through the planning system – needs to continue in order to meet demand. However, there is now a positive approach by Local Authorities, being matched by developer interest.
Following the fire on the Leyland Trading Estate, off Irthlingborough Road which destroyed some of the older industrial stock, the owners have now cleared the site and are in the process of drawing up plans to replenish the lost accommodation. It is hoped that work will commenced in early 2015 with the construction of an 8,600 sq ft property. Some of the other older units will also be subject to a full refurbishment programme, which once completed will release a further 26,450 sq ft.
Prop-Search confirms that whilst this is all very positive news, the underlying economic conditions still make for challenging times. Demand is increasing, confidence is improving but caution is still apparent (may be not an entirely bad thing!). But, there is no doubt that Wellingborough is now entering a new era of opportunity.
