Demand from occupiers for freehold industrial premises around Nottinghamshire continues to drive the market and values forwards with yet another sale on Freeth Street in the Lady Bay area of Nottingham. The property comprises a 12,000 sq ft former industrial premises which was more recently used as call centre offices by life sciences consulting firm, Parexel. Since Parexel move into the city centre, this property has been marketed back towards the industrial sector and a strong sale was achieved to EPS UK, who are expanding their operations out of Loughborough.
Mark Tomlinson of FHP Property Consultants who concluded the sale comments:
“This most recent sale follows a string of sales on these properties on Freeth Street. In 2015 we completed on five units to a range of local occupiers. Such, was the interest received in Units N & O Freeth Street we brought the marketing to a competitive bidding process with a number of parties, eventually achieving the full asking price for the property. There remains a squeeze on the supply of industrial properties generally, especially on a freehold basis in locations such as this and as a result, we are seeking a continued improvement in values being achieved. We remain hopeful that capital and rental values will continue to improve in this sector in order that we can see the return of speculative development which would undoubtedly alleviate this squeeze on available stock and allow businesses to expand”.
