03. August 2012 Print
Shortage of new build means quality commercial property at a premium
Tim’s comments follow Euro Car Parks decision to snap up an 11,157 sq ft industrial/warehouse unit with good yard space on the Lynx Trading estate in Yeovil on a new ten year lease. Other businesses are actively searching for property in the area but are running up against a chronic shortage of good quality accommodation. He said: “We were delighted to see Euro Car Parks’ make a further commitment to the area but we have other businesses on the trail of suitable industrial properties in the wider Yeovil, Poole and Bournemouth area who simply can’t get a foot in at the moment.
“The trouble is nobody is building any new property so businesses are snapping up good quality secondhand accommodation. This could result in some landlords deciding to refurbish older stock but this is only a stopgap measure. The shortage of new build is creating a logjam which must ultimately trigger some speculative development. Demand is there from indigenous occupiers but there are new people looking to move in to the area. If there aren’t any new facilities the danger is they will go elsewhere and this could hinder economic recovery in the region.”
The 11,157 sq ft unit includes warehouse, offices and yard accommodation on the popular trading estate just two miles from Yeovil town centre.