Ian Harman BSc MRICS, a Director of commercial property agents Prop-Search writes:
Just under half way through its 30 year growth plan, as set out in 2003, Corby is a town that is being transformed says commercial property agent Prop-Search, by continued investment and development – it now taking centre stage, not just in the County but also in the Midlands.
Corby’s revitalised town centre has bucked the trend throughout the recession and investment has continued with the opening of the new six-screen Savoy cinema during the summer last year. This scheme is supported by restaurant operators Nandos, Prezzo and RBW – serving ribs, burgers and wings.
More retail development is planned in the town by Sovereign Land – the UK retail and leisure developer and asset manager – following its acquisition of the 800,000 sq ft Willow Place Shopping Centre and subsequent lettings. Goddards, a high class ladies and gentlemen’s fashion retailer, has now taken 2,500 sq ft on a 10 year lease and Pep & Co, the UK’s new fashion clothing entrant, opening in 6,700 sq ft at 20 Willow Place. Close by, a world food buffet offer trading as ‘Vaagabons’ has taken 2,500 sq ft at 3-5 Corporation Street on a ten year lease and Italgaleto, a regional ice cream and waffle retailer, 1,570 sq ft at 34 Corporation Street for a term of five years.
It is understood that Sovereign is currently implementing major new development and retail mix enhancement initiatives and is working on plans to deliver the next phase of development to the south east corner of the town – which is an important gateway entrance into Corby town centre. The plan is to build on the current retail offer to attract new retailers and leisure operators who acknowledge the excellent opportunities of an expanding town. Corby, recognised as one of the fastest growing towns in England, is seeing significant residential development with approximately 4,000 homes currently under construction and with plans for more than 28,000 new homes by 2020.
Out-of-town, proposals put forward by Aldi for a second store in the town has recently been approved by Corby Borough Council. The premium discount food retailer purchased 3.17 acres of land at Saxon Way West for the imminent development of a 13,500 sq ft store with 123 parking spaces – anticipated to create 30 new full-time employment opportunities, as well as additional jobs throughout the construction and supply chain.
Aldi took the decision to push ahead with its plans for a new store on this site following a consultation with members of the public last year. It was deemed that a new food store in this location would serve the local community, provide a brand new custom store to complement the existing offering the town and provide more choice for local residents – with typical Aldi customers reportedly saving 30-40 per cent on their shopping.
Elsewhere, up to 40 new jobs could be created as Wickes commences the development of a new 25,000 sq ft retail warehouse on the corner of Courier and Cockerell Road, fulfilling its long-standing requirement for a new store in Corby. The DIY giant purchased two acres within the 23 acre Manton Park scheme from Frenbury Properties for the construction of a new facility, which once open, will also accommodate a Wickes’ showroom focused solely on kitchens and bathrooms, supported by an installation service.
It is hoped that Wickes’ presence within Manton Park, located adjacent to the 114,000 sq ft Peel Retail Centre – anchored by Asda – and the Phoenix Park Industrial Estate, will act as a catalyst for encouraging further new development, investment and therefore additional job creation. The scheme has planning for a variety of uses including warehouse, factory, motor dealerships and offices, with buildings available to purchase or rent on a design and build basis. Alternatively, the developer will consider a sale of plots from one acre.
Corby represents an attractive proposition for businesses seeking to expand or relocate with commercial floorspace available, quality development sites and major opportunities for logistics firms at a number of well accessed sites across the town. Indeed, at the end of last year Prologis secured CEVA Logistics for a 150,000 sq ft leasehold facility at Eurohub, managing the facility for the Swedish furniture giant Ikea. It is believed that this deal netted a growth in rental value as demand for prime distribution space in the region continues unabated with logistics operators and retailers jostling for the best available locations – part of a trend that looks set to continue with an emphasis on internet retailing delivery and supply-chain efficiency. It is believed more than 100 jobs have been created.
Changes in recent years to Corby’s infrastructure are certainly likely to have supported in town’s enhanced fortunes. Over £40m has been spent on new road investment including dual-carriageway links to Rockingham in the north and the new A43 southern link road; with both projects delivering significant benefits for the logistics firms based in the town, while reducing the impact of traffic for residents. This has no doubt assisted in the retention of larger multi-nationals based in the town including Benteler, RS Components and Staples.
With significant housing and commercial growth continuing in the town, as well as new and improved infrastructure and public facilities, Corby has done more than just weather the recession – it has grown and flourished – receiving a steady stream of inward investment, challenging outdated perceptions and creating future focused new ones.
