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Positive signs as commercial property demand rises

 
Created on 31/08/2017 @ 10:41
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Demand for good quality commercial property in Montgomeryshire has been increasing in as businesses seek to invest or expand in the area, according to a local estate agent.

In one instance a retail shop in Newtown, Powys, was snapped up within days of being put on the open market.

Property surveyor Kathryn Evans, Head of Sales Policy and a commercial property specialist at estate agent and property surveyors Morris, Marshall and Poole said they had seen a rise in enquiries in recent months.

“We recently placed a retail unit in the town centre for sale and it was sold subject to contract within two days. We’re receiving many enquiries for a mix of retail and commercial and industrial units in the area and while the demand is there, we have successfully let many commercial premises within the town and so there is now a shortage in stock.”

Kathryn said with the current demand it was worth investors or owners with such property to consider selling.

The Royal Institution of Chartered Surveyors (RICS) found earlier this year that 23 per cent more surveyors were reporting an increase in demand for such property in Wales, but a reduction in space when it came to industrial and retail units.

“We have a mixed portfolio of commercial properties on our books throughout Mid Wales and Shropshire but there is room for more to cater for the various enquiries we’re receiving from businesses seeking premises or retailers looking for new or larger premises,” said Kathryn.

MMP is currently marketing the near 100-year-old Talerddig Bakery near Carno, Powys and a number of retail units for sale, in addition to industrial units.

Earlier this month saw the official opening of the Hilltop Honey production facility at the Dyffryn Industrial Estate in Newtown. MMP acted on behalf of the owner in the sale of the unit to the company which was seeking larger premises to expand.

It is currently marketing a storage unit close to the town centre in Newtown which it expects to see interest in at Cymric Mill in Canal Road.

“There is demand for good commercial property out there and we’d urge property investors or owners who are considering selling to contact us as we have a number of potential clients seeking such properties,” added Kathryn.

Photo: Kathryn Evans of MMP

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