Property investment in East Mids plummets in Q1
Investment in industrial property across the East Midlands in the first quarter of Q1 was less than a third of the five-year average, according to new research published by national commercial property consultancy Lambert Smith Hampton (LSH).
The latest edition of the company’s quarterly UK Investment Trends (UKIT) report reveals that overall investment in the region totalled just £0.08 billion during the first quarter of the year (less than a third of the five-year average).
Retail deals made up 19% of the total invested with £15.40 million of acquisitions. Office transactions stood at £27.65 million – 34% of all transactions.
Key industrial deals during Q1 include Hortons Estate buying Old Dalby Business Park in Melton Mowbray for £10.65 million and CCLA Investment Management’s purchase of 70 Sinclair Drive in Wellingborough for £6.60 million.
The largest deal of the quarter was the sale of offices at Riverside Road, Pride Park in Derby to Praxis Asset Management for £11 million.
Adam Ramshaw, head of Birmingham and East Midlands at LSH, said: “While property investment in the East Midlands in Q1 was lower than recent averages, we saw a strong showing from the industrial sector, which accounted for almost half of transactions.
“As revealed in our Industrial & Logistics Market 2016 Report, take up of medium-sized units was particularly strong in 2015 and this is something that we expect to continue through 2016”.
