Commercial estate reaches record low vacancy level
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The largest commercial estate in Worcestershire has reached record low vacancy level as businesses strive to secure high quality industrial accommodation within the region.
Hartlebury Trading Estate, which extends to 1,800,000 sq ft and is set in a 200-acre parkland environment, is at its highest occupancy to date, with just one of the 130 units at the site remaining, and almost 640,000 sq ft having being let or renewed in the past two years.
Rupert Jeffries of Collingwood Rigby, asset manager for the estate, said: “The last year has seen a high volume of individual buildings let and renewed at the site, including document management specialists EDM Group having signed a five-year lease on a 60,000 sq ft unit, Apex Supply Chain investing in a demonstration hub at its new 40,000 sq ft building and TEC Motors having invested more than £1 million on refurbishing an 85,000 sq ft unit after signing a 10-year lease.
“Demand for high quality, modern industrial properties within the region continues to outstrip supply, and the fact that an estate of this size is currently experiencing the lowest void levels in its history, with just one unit available, is a clear illustration as to how critical the situation is, and we are taking steps to maximise and extend the opportunities here as a result.
“A key factor in the estate’s success is the high number of smaller units on site. These are the life blood of the estate, with many of them having been occupied by start-ups and small businesses that have subsequently grown on the estate, thereby taking larger and larger units and remaining here at Hartlebury.”
Last year, £3m was invested into an extensive refurbishment programme to provide improvements to the roofs, buildings and security across the site, ensuring that the site continues to meet with occupiers’ requirements and expectations. Planning permission was also obtained for 30,000 sq ft of warehouse and office space, a yard area and 58 car parking spaces, in order to provide design and build opportunities for new occupiers keen to locate to the estate.
Jeffries added that Collingwood Rigby and marketing agents Harris Lamb and Fisher German were now in discussions around providing further design and build opportunities on site to ensure the demand for space in the region was fulfilled.