Sean Bremner, Head of Industrial & Logistics at national
commercial property consultancy, Lambert Smith Hampton's (LSH)
Nottingham office, explains how recent developments and the
region's core characteristics are changing North Nottinghamshire's
fortunes for the better.
Following the demise of the colliery industry in the early '90s
and its subsequent shattering effect on local economies, many of
North Nottinghamshire's towns were left ghost-like when it came to
commerce.
However, with its easy access to labour resources, comparatively
cheap space being available and plentiful land supply, combined
with a significant injection of public investment, prospects for
the major towns of Mansfield, Sutton in Ashfield, Kirby in
Ashfield, Worksop, Retford and Ollerton are looking promising.
New developments such as Brook Park in Shirebrook, UK Coal's
Bilsthorpe Business Park, a reclaimed site which has been
transformed into a progressively thriving business location, and
Sherwood Energy Village at Ollerton are making major in-roads into
addressing the imbalance between the North and South
Nottinghamshire divide, creating significant numbers of new jobs,
reducing the level of unemployment and significantly benefiting the
local economy.
Major national occupiers are now also starting to recognise the
benefits of such developments with high street sports goods
supplier Sports World, occupying 25 hectares (63 acres) at Brook
Park, Shirebrook on which 600,000 sq ft of a consented 1,300,000 sq
ft has been built forming the firm's national distribution centre.
Center Parks has also developed its headquarters at
Ollerton.
Towns such as Sutton in Ashfield and Kirby in Ashfield have also
traded on their close proximity to the M1 and have experienced a
high proportion of land reclamation in recent years leading to
increased development opportunities.
Quoting rents for new industrial space are typically between
£4.25 and £4.75 per sq ft and land has been acquired
for somewhere in the region of £60k- £80k per acre.
This is at a significant discount to other competing towns that are
within close proximity of M1 which is at a relative premium of
above £200k per acre.
Local authorities are very rarely in receipt of praise when it
comes to regenerating our towns and cities, with limitations
surrounding planning guidelines and ineffective Government
legislation, such as the abolishment of empty property rates
relief, often accused of restricting the very objectives they were
designed to achieve.
However, it is important to note that, without the significant
public sector investment that has taken place in recent years; the
region would most definitely have not made the admirable progress
it has to date.