A surge of warehouse deals could potentially leave Redditch short of quality stock, according to agents John Truslove.
John Truslove have completed a series of recent sales and lettings of modern factory/warehouses, most particularly on Target Park, the io Centre and Trafford Park.
Partner Ian Parker said Phase 2 at Target Park, the most recent speculative industrial development scheme in Redditch, had been very successful.
“It is now sold out following us securing the sales of the last four units in recent months.”
“We are probably talking a further five lettings at the io Centre and three at Trafford Park,” noted Mr Parker.
“They have all been big success stories.”
John Truslove is at a loss to explain why there has been such a strong demand for warehouses in the last year, but Redditch has always been popular with distribution, logistics and light engineering companies.
And John Truslove has long had a “can do” reputation as a firm that makes things happen.
Mr Parker went on: “On two of these schemes we have been working in partnership with national/regional commercial agents.
“But it is us as the local agents, with our ear to the ground, who have completed the deals. These sales and lettings are great news for Redditch from an employment perspective and the town’s economy generally.”
However, there could be a downside.
Ben Truslove commented: “There is now a lack of availability of good quality industrial/warehouse premises which were built within the last 15 years.
“In fact, I think we have just put the last vacant unit in Redditch which was built in that period under offer.
“We still have plenty of attractive stock on our books available for sale or to let but Redditch is pretty much running dry when it comes to new build warehouses.
“With difficulties in accessing bank finance, and the national economic picture not looking great, developers have understandably been hesitant to build more. But as things stand there is an opportunity, I would suggest, for someone prepared to grasp it. Yes, there would be an element of risk, but all deals involve calculated risk.
“We certainly don’t want to see Redditch being held back due to a lack of ambition.”