Healthy regional real estate sector contributes to strong year for Napthens
A healthy real estate sector in the North West has contributed to an increase in the value of property deals advised on by regional law firm Napthens.
In total, property experts from the law firm advised on £164m-worth of deals across the North West over the past 12 months – up from £160m the year before.
Preston topped the bill for high value activity in Lancashire, with more than £30m-worth of freehold sales, and more than £16m-worth of leasehold sales activity.
In East Lancashire the firm saw freehold sales activity grow by 70%, with more than £17m-worth of freehold acquisitions and £12m-worth of refinancing work completed.
Activity was also strong on the Fylde, with a 32% rise in quarter one alone from last year for transactions, including £10m of freehold purchases.
In Cumbria, freehold purchases including hotel and bed and breakfast purchases, coupled with sales, accounted for the largest number of transactions.
Following this in terms of volume were refinancing of assets with mainstream banks, adding to a positive picture for the area.
Jamie Allison, partner and head of real estate at Napthens, said the figures demonstrated the strength of the leisure sector in the region.
He said: “A growth in the leisure sector is extremely positive news for the local economy and it is great to see banks are still willing and able to support asset holders and lend a hand to further developments and expansions.
“Some of our agency contacts are saying there is a slow-down in the market, and while we understand why, some sectors are thriving. We are seeing pockets of activity across the region, from bank lending all the way through to the granting of leases.”
He added: “Our teams continue to be busy executing transactions for a diverse client base, proving that uncertainty down in Westminster is definitely not stopping our clients from expanding and taking on new ventures.
“If anything, the real challenge is finding good quality premises, particularly warehouse and industrial spaces, while top quality office locations remain at a premium.”
