Figures published this week by the commercial property industry’s magazine *Estates Gazette show over 2014 Miller Commercial Chartered Surveyors carried out as many, and in some cases more deals in the South West than some national and international agencies.
The south-west is defined by the Estates Gazette for this competition as an area including Wiltshire, Gloucestershire, Dorset, Somerset, Avon, Devon and Cornwall.
Whilst only operating in Cornwall and Devon, Miller Commercial is ranked among the top 5 agencies in the UK for the number of transactions in the Office, Retail, Industrial and Leisure and Hotel sectors conducted in the South West region.
Partner, Peter Heather says “We continue to punch above our weight. No other agent is recognised in as many categories. It’s an interesting fact that Miller Commercial has undertaken more than 10% as many transactions in just Devon and Cornwall compared to the UK’s most successful multinational agent Jones Lang Lasalle.
Our continued push into Devon in the hotel and leisure sector has been rewarded with a number of instructions and transactions, most recently, the sale of Golden Bay holiday village at Westward Ho!, Bideford.
Our Property Management team have also made notable inroads, managing clients’ portfolios of industrial and retail in such places as Taunton, Salcombe, Plymouth Exeter Totnes Bude and Bristol.
We have always had a strong presence in retail and industrial property, where we have been recognised by the Estates Gazette as being the second most active agent in both categories in the south-west. The industrial market has remained strong, and we have seen a 95% occupancy rate across all of the industrial states that we manage.
For retail, the market is seeing contraction, under pressure as it is, from an increase in out-of-town shopping, combined with increasing levels of Internet competition.
The office market is also showing signs of life following an oversupply, especially on business parks. But recent demand has taken up much of the slack, resulting in fewer incentives. One note of caution relates to the dearth of any new stock, and the continued gap between the costs of construction, and capital value.
The investment market is active and the banks are showing a greater appetite to lend both here, and in the leisure sector. One speculative transaction that we concluded recently, comprised of the 30,000 ft.² BREEAM and ERDF grant funded development at Treleigh, Redruth, which sold subject to the occupation of 10,000 ft.² as a part let investment for £1.8 million.
We have also seen a great deal more activity in the residential development market as pressure to build new housing increases, not least for student accommodation in Exeter and Falmouth, as the University gains in reputation and student numbers.
The statistics for 2014, coupled with the excellent summer weather are good indicators of a more positive year ahead in 2015. On a regional level commercial property remains by and large the preserve of the smaller independent companies with local knowledge and contacts, and at Miller Commercial, we look forward to serving our existing and future clients throughout the year, in anticipation of further Estates Gazette recognition next year.”
