The commercial property market in the Midlands is thriving post-Brexit … and there is hard evidence to support this.
That is the view of Ben Truslove, a director of Redditch property agents John Truslove.
He said: “For most sectors of industry and commerce it is business as usual and that is also the picture in the commercial property sector.
“Our views are not based on mere talk and speculation but actual transactions, we can confirm that the market is not showing signs of cooling. Indeed, quite the reverse, the deals are flowing.”
The firm cites five significant activities it has been involved in during the summer holidays, traditionally a quieter period:
– It has advised a major investment fund on the acquisition of a £10 million industrial estate in Worcestershire.
– Letting Oakenshaw House, a 13,000 sq ft Grade A office building, to Arcus FM, a joint venture between Arcus Solutions and Sainsbury’s, the largest letting of its type in the area in the last five years, set to create up to 120 jobs.
– Acquiring a 12,000 sq ft high-spec warehouse/production facility in Warwickshire for a London-based media company.
– Agreeing terms for a letting of Unit 2 Acanthus Park, a Grade A 50,000 sq ft factory/warehouse. The unit is still under construction, due to complete in November.
– Bringing Java House to market, a brand new 6,000 sq ft Grade A office in Bromsgrove, which is available for immediate occupation.
Mr Truslove went on: “All this activity demonstrates that Worcestershire and Warwickshire are continuing to attract manufacturing, engineering, logistics and distribution companies, with the LEP’s focus on attracting technology firms to the heart of England beginning to deliver results too.
“Business has determined that Brexit has not had the impact that was feared and, as commercial property specialists, we are assisting the ambitious companies in the region to deliver prosperity across the West Midlands.
“Yes, in the immediate aftermath of the Referendum vote, there was a short pause as people absorbed the implications of the ‘Out’ vote but deal-making was soon back into its stride. After all, given it will take two years and possibly longer to extricate the country from the EU, there was hardly going to be a moratorium on business being done.
“Big companies, some of whom expressed concern in the run-up, are more positive about the future, survey after survey has suggested the economy remains on a sound footing, the Stock Market has improved, the pound has stabilised and companies are investing.
“At John Truslove, we can confirm that the commercial property sector in our region remains buoyant.”