As 2024 comes to an end we look back on how the Nottinghamshire industrial/distribution market has performed specifically looking at the deals transacted between 5,000ft² and 40,000ft² throughout Nottinghamshire by FHP.
Although 2024 has been a tougher year than others with many factors out of our control such as interest rates, a new government, the budget and a new American President, this sector has remained resilient and transactional. There was a reduction in enquiries compared to other years, however, we found that the parties out there looking tended to be very serious and active in their search.
There is still a lack of supply in the industrial/warehouse sector with very few, if any, speculative developments taking place. Competition tends to be poor quality which in turn allows us to push capital values and rental figures on any good quality new or second hand stock.
The final quarter of 2024 has been particularly slow with the recent budget and uncertainty of how the market will react to these changes especially in relation to taxation and inheritance tax. From our conversations with businesses, now we are approaching the end of the year, they have seen sales bounce up and down and be fairly inconsistent and volatile in 2024 and in turn, we have found that they are thinking more strategically about their business decisions. It is also important to note technological advances and evolving consumer demands and an increased online presence is changing businesses and the way they operate, which again increases the popularity of industrial/warehouse units. Although tougher economically, the changes stated above have led to strong demand for industrial/distribution units especially due to there simply not being enough stock out there (supply chain inefficiencies).
The majority of enquiries in the 5,000ft² – 40,000ft² size range throughout Nottinghamshire is from local and regional businesses, or businesses looking to start up/relocate in the East Midlands to benefit from the locality of Nottinghamshire to the M1 Motorway which services the whole of the UK, the labour pool and cost efficiency with rental and purchase prices for these units, making them attractive for businesses looking to optimise cost.
The story of 2024 is there has been a shortage of good quality industrial stock, especially new build developments due to high land values and build costs. This however, has meant FHP pushing the values of good quality secondary units both to let and for sale. The industrial schemes which have been speculatively built such as Teal Park in Netherfield, Headstocks Business Park in Watnall and Portland Drive in Shirebrook, have all seen huge success with these three estates nearly at full occupation. Therefore, we are encouraging where viable, parties to consider schemes such as these due to the proven success. Strategic locations are still in heavy demand and if units are located in close proximity to major roads they prove popular.
Going into 2025 we have exciting schemes coming out of the ground such as Private Road No.2 in Colwick comprising circa 20,000ft² of small to medium sized units and Access 38 in Sutton in Ashfield where units range from circa 5,000ft² – 30,000ft². Most excitingly on the new Access 38 scheme, we can offer units on a freehold basis which is very much needed in a market where there is very little to buy.
For further information on FHP’s available units on the market, please contact Anthony Barrowcliffe of FHP on 07557 972008 / anthony@fhp.co.uk.
FHP alongside our joint agent Oliver Thompson of TDB Real Estate are delighted to bring forward this new and exciting industrial and distribution scheme at Sutton in Ashfield. This is a development of industrial and distribution units ranging from 5,000ft² up to circa 30,000ft² and we can offer these either for sale or to let. The current deliverability of this site is approximately 12 months or thereabouts and there is already a consented scheme with planning in place.
The site offers great prominence adjoining the A38 and sitting within a few minutes drive of Junction 28 of the M1 whilst remaining close to the local centres of Sutton in Ashfield, Kirkby in Ashfield and Mansfield.
This scheme is being delivered by Brackley Property Developments who are a development company concentrating on the local and regional commercial sectors who have an established track record.
With a market starved of stock, strong levels of demand and a total lack in particular of freehold space out there, this is sure to be a very exciting scheme.
For further information on this exciting scheme please contact Anthony Barrowcliffe, Tim Gilbertson or John Proctor of FHP or our joint agent Oliver Thompson of TDB Real Estate.
38 Brookhill Road, Pinxton is a detached fully refurbished industrial unit on the established Brookhill Industrial Estate within close proximity to Junction 28 of the M1.
I am delighted to have worked with my client after they acquired this site from Savills working with them throughout the full refurbishment programme to then finding them a tenant. It is excellent to work with clients once they have acquired something to discuss a refurbishment programme viable enough to achieve a good rent and ultimately the desired investment return/yield. I particularly enjoyed working with my client on every aspect of the refurbishment and then strategically finding them a tenant on strong terms which provided my client with the desired outcome.
The refurbishment programme included a brand new roof, full strip out providing clear span warehouse space, strip out of some office space with light refurbishment of the remaining and fully gating the site which was all completed in a very quick timeframe. Throughout the whole refurbishment the property was marketed and subsequently we managed to find a new tenant on excellent terms with both parties extremely happy with the outcome.
The property is of steel portal frame construction comprising two bays of warehouse/manufacturing space fronted by single storey offices. The general specification of the building included:
Anthony Barrowcliffe of FHP commented:
“I always find it particularly exiting to work with a client who has just purchased a site, throughout the refurbishment programme and to then find a new tenant and provide a level of return on that investment to meet my client’s requirement.”
When my client purchased this building it was highly dilapidated but after a full refurbishment programme it presented excellently and is wonderful asset within my client’s portfolio.
Great terms were achieved and I am very pleased with the outcome”
For further information on this letting or other available units on the market, please contact Anthony Barrowcliffe of FHP on 07557 972008 / anthony@fhp.co.uk
Marketing of this industrial/warehouse unit on Moorbridge Road East in Bingham commenced on 20 August 2024 and the letting completed on 1 October 2024, taking just 6 weeks from launching the marketing to handing over keys to the new tenant.
The unit is located on the established Moorbridge Industrial Estate in Bingham with easy access to the A46 road and in close proximity to Newark, Leicester, Nottingham and Grantham.
The property comprised a detached gated industrial unit which was built in the 1990’s constructed of steel portal frame with single storey offices to the front elevation leading to a clear span warehouse space with LED lighting, 5.5m eaves rising to 10m at the apex and a large front gated yard/car park.
Anthony Barrowcliffe of FHP commented:
“What a result!! The speed of this transaction being the most impressive component of this letting. The unit had all the right fundamentals and with an excellent marketing campaign and the correct pricing we found the right tenant exceptionally quickly.
Both parties were motivated to do the deal quickly and both sets of solicitors acted promptly and efficiently to push this transaction through.
The message remains the same from my perspective being there is still a shortage of industrial space throughout the market of good specification in strong industrial locations and if these types of units are brought to market either to let or for sale they do very well.”
For further information on this transaction completed in Bingham, Nottingham or other available units on the market, please contact Anthony Barrowcliffe of FHP on 07557 972008 / anthony@fhp.co.uk
FHP Property Consultants and Savills are pleased to announce the successful letting of Units 3-6, Portland Drive, Shirebrook on behalf of clients.
We have successfully let Units 3-6 which totals 13,480ft². This scheme was delivered with no dividing walls or WC facilities to ensure it was a flexible as possible to meet all size requirements and this advice has proven correct.
These units were part of Phase 1 of the development with Devonshire Court being Phase 2 all being build out speculatively. We currently have Units 1-2, Portland Drive still available with space between 2,538ft² to 8,404ft² which can be combined or let/sold individually. The quoting prices are:
The general specifications of these brand new industrial units includes:
Anthony Barrowcliffe and Jamie Gilbertson of FHP commented:
“A fantastic 21,884ft² speculative industrial scheme built out by the Broughton Family and delivered to a high specification in a market starved of stock. This scheme has all the right fundamentals and we look forward to getting Units 1 and 2 either let or sold.
Our industrial and distribution market continues to see deals completed across all sizes and specifications of buildings. With a quieter summer which we have seen as a result of the General Election, we will hopefully see a very positive final quarter to 2024. In general there is still a shortage of space, particularly to buy but also to rent in certain sectors across our East Midlands patch.”
Our joint agent Luke Epps of Savills commented:
“We are very pleased to have secured the letting on behalf of the client; the units are built to an excellent specification, incorporating a superb eaves height, which was quickly identified by the tenant to house their new HQ. The combined units offered the ability to bring their manufacturing in-house, which is an integral part of their future. Both parties worked to tight timeframes to ensure minimal disruption to the business was caused.
There continues to be a constrained supply of top quality stock within Shirebrook and the local geographical area, with little new developments in the pipeline. We are offering the two remaining units in Phase 1 and encourage interested parties to contact myself or the joint agents before they are gone. ”
For further information on the transactions completed in Shirebrook on this scheme or the other available units on either Portland Drive or Devonshire Court, please contact Anthony Barrowcliffe of FHP on 07557 972008 / anthony@fhp.co.uk or Jamie Gilbertson on 07747 665941 / Jamie.gilbertson@fhp.co.uk or Luke Epps of Savills on 07811 073302 / luke.epps@savills.com.
Devonshire Court is Phase 2 of this speculative development on Vernon Street, Shirebook which consists of 8 industrial units totalling 14,426ft² with Howdens having now completed on 6,350ft² across 3 units.
The estate is now completed and the remaining units are available immediately. The units, which have E, B2 and B8 Use Class have been built to a high specification and benefit from the following:
The units are located 10 miles to the M1 Motorway, 12 miles from Chesterfield, 27 miles to Nottingham, 25 miles to Sheffield and 30 miles to Derby.
Alongside the three units let to Howdens we have let a further unit to a classic car operator leaving only 4 units remaining with 50% occupancy already achieved.
Howdens are the UK’s number one trade kitchen supplier and were established in 1995 to provide trade customers with kitchens, joinery and hardware products. Starting with just 14 depots Howdens have more than 800 locations now supporting the trade. Howdens are a British manufacturer and a fantastic anchor tenant for this scheme.
We have the following units remaining at Devonshire Court:
Anthony Barrowcliffe and Jamie Gilbertson of FHP commented:
“Phase 2 of this speculative development by the Broughton Brothers has been delivered to a high specification in a market starved of stock.
We are delighted with this deal to the household name of Howdens alongside a letting to an independent classic car business with 50% occupation of this scheme.
We are excited to promote the remaining units on this scheme and hope to have this at full occupancy soon.”
For further information on the transactions completed in Shirebrook on this scheme or the other available units on either Portland Drive or Devonshire Court, please contact Anthony Barrowcliffe of FHP on 07557 972008 / anthony@fhp.co.uk or Jamie Gilbertson on 07747 665941 / Jamie.gilbertson@fhp.co.uk.
These are exiting times in the Mansfield secondary industrial market and in particular on the Albert Martin Business Park where further investment is being put into the business park by the landlords (Ivygrove Developments Limited) due to the great success we have had with lettings.
Our client (Ivygrove) purchased the Albert Martin Business Park as a distressed secondary industrial asset and have pumped serious capital into this estate already since their ownership with more investment to come. This confidence coming from over 10 lettings completed on the estate by FHP and the high occupancy rates achieved. We currently have on the market Unit 5 (27,138ft²) and Unit 6 (25,052ft²) available individually or combined (52,190ft²), which the landlord has been refurbishing alongside demolition, strip out works, upgrade works to the offices internally and the removal of all registered asbestos. We are close to completion of these works at Units 5 and 6 and we are very excited about the product we will have at the end of this refurbishment programme and round of capital expenditure, with all other units let on the estate.
Talking more generally about the secondary Mansfield industrial market, in 2024 I personally have let the following secondary industrial properties in Mansfield which shows the demand for secondary accommodation:
This space totals 129,477ft² (for more information on these transactions please get in touch).
Anthony Barrowcliffe of FHP commented:
“So far in 2024 I have personally let 129,477ft² of secondary industrial stock in Mansfield with demonstrates that the secondary industrial market in this area is performing very well with huge amounts of interest for space within the locality priced between £4.00-£6.50 per sq ft.
I am already in deep negotiations/conversations with occupiers for Units 5 and 6 Albert Martin Business Park and have great space still available on the market including Portland Drive and Devonshire Court in Shirebrook, Bestwood Road in Pinxton and Queens Court on the Crown Farm Industrial Estate, to name but a few.
I am excited to keep pushing this side of the market especially in the Mansfield area with more really exciting properties to come such as Unit A, Millennium Business Park, Concorde Way, Mansfield which extends to 40,325ft².
I look forward to engaging with interested parties with the new stock coming as well as the existing stock on the market.”
For further information on the lettings completed in the Mansfield area, any properties we have on the market, the new properties I have coming, or for a general conversation on the secondary industrial market in Mansfield please contact Anthony Barrowcliffe of FHP on 07557 972008 or anthony@fhp.co.uk.
I am pleased to announce three individual industrial lettings in South Normanton, just off Junction 28 of the M1 Motorway.
The three lettings totalled 53,929ft² and all were transacted at £5 per sq ft.
These lettings clearly show the demand within the industrial market/sector for stock and that the secondary stock side of the market is still very popular and suitable for many occupiers.
FHP currently have a good amount of stock of this nature in this area and we would be glad to discuss these opportunities within any local occupiers, especially those not looking for new build stock.
Anthony Barrowcliffe of FHP commented:
“South Normanton/Mansfield in particular is an area FHP have had great success in and continue to do so. We have transacted on some great deals in the Junction 28 area over the last 12 months and we have some exciting property opportunities to come.
Enquiries are still very strong, we are undertaking a good amount of viewings and we are transacting on deals of this nature throughout the whole area. This market remains resilient and the message is still good and positive on any well presented, priced correctly, secondary industrial stock”
For further information on this letting or the available options we have in this area please contact Anthony Barrowcliffe of FHP on 07557 972008 or anthony@fhp.co.uk.
I am delighted to have assisted in the letting of Unit 4, Castle Park to 3 Line Electrical aiding in their expansion in Nottingham.
3 Line Electrical moved from Unit 12 to Unit 4 taking on a unit twice the size showing the clear expansion and growth of this trade counter occupier.
I am very proud to be involved in this estate made up of two terraces of units which face onto the main estate road/forecourt. The buildings over the years have been substantially refurbished and offer everything to cater for an industrial occupier.
We have a fantastic mix of tenants throughout this scheme who trade well from this estate which is located on the south of Nottingham City Centre conveniently fronting the A453 and in very close proximity to Nottingham’s Inner and Outer Ring Road (A52).
Not only is this a superb location in terms of road connectivity there is also brilliant public transport to the site including the NET tram, bus routes to Queens Drive and Nottingham train station is located within 1 mile of the estate.
I am delighted that we have the following units coming to market which we look forward to working on and discussing with interested parties:
Anthony Barrowcliffe of FHP commented:
“I really enjoyed working on this transaction with the landlord Mileway where we achieved very good terms alongside the tenant 3 Line Electrical who were very invested in this location with their staff and current client base. All round this was a superb deal for all parties.”
Our joint agent Sean Bremner of CPP commented:
“Castle Park remains a popular estate in a location favoured by many occupiers, a position underpinned by 3 Line’s ambitions to grow in this location. The calibre of occupiers on the estate continually goes from strength to strength and we anticipate good interest in the upcoming opportunities.”
For further information on this letting or the available units please contact Anthony Barrowcliffe of FHP on 07557 972008 or anthony@fhp.co.uk or Sean Bremner of CPP.
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