Pictured above: Victoria Burnett celebrating the
success of the PxP lettings portfolio
Regeneration partnership PxP West Midlands has reported a highly
successful past 12 months, with its investment portfolio achieving
a 92 per cent occupancy rate, even in light of the portfolio
growing in size to over 750,000 sq ft.
PxP West Midlands, a joint venture partnership between Advantage
West Midlands (AWM) and developer Langtree is actively managing its
lettable space to provide customers with flexible options, suitable
for start-up businesses through to well-established organisations.
In addition the public/private partnership has invested heavily in
improvement works, such as landscaping and new signage across its
16 investment sites, which are located throughout the AWM
region.
Mark Stapleton, managing director of PxP West Midlands said: "We
all know how hard the recession has hit the region and there is
naturally a very risk adverse approach to renting commercial space.
However, the number of new start-up enterprises across the region
this year has shown no signs of dwindling. Some of our new
customers are entrepreneurs who have joined the eBay revolution,
started a business from home and have been successful enough to
outgrow their spare room and seek to rent a commercial unit.
"Most private sector landlords only offer traditional lease
terms that tie in occupiers for long periods of time. PxP West
Midlands' public/private status means that we can work very
differently and respond to the gap in the market in these times of
economic uncertainty by providing property solutions that suit the
current occupier profile. Across our portfolio of 16 business
parks, we are providing commercial space for small to medium
enterprises at very cost effect rates and highly flexible terms.
What makes our offer even more attractive is the fact that we
provide good quality, well managed accommodation and are
continually investing in our assets."
PxP West Midlands reports that its flexible lettings policy has
enabled existing customers to take expansion space to fulfil a
large order over a short-term period and states that the high
occupancy rate across its portfolio is due to the vast majority of
customers continually renewing their leases.
Entrepreneurial company Fragile Planet, established in 2006,
initially took a start-up unit of 400 sq ft at Radford's Field
Industrial Estate in Oswestry. The niche business, which had
originally started as a hobby for managing director Tony Gray,
supplies bee keeping equipment, with most sales being taken through
its website. As a result of turnover tripling in size year on year,
Fragile Planet moved to a significantly larger unit on the same
business park in 2008 and has recently taken a lease on the
neighbouring unit, so it is now trading from 2,500 sq ft of
space.
Tony Gray, managing director of Fragile Planet comments:
"Growing the business has been a hassle free process in terms of
having the right accommodation. From establishing the business at
Radford's Field from a 400 sq ft starter unit, to moving to a much
larger unit, then being in a position to expand again by also
taking on the neighbouring unit, PxP West Midlands has always been
very helpful and supportive."
In addition to the expansion by Fragile Planet, a series of
additional lettings have recently been secured at Radford's Field
Industrial Estate in Oswestry. At High Carr Business Park in
Newcastle-under-Lyme, four new lettings totalling over 46,000 sq ft
have ensured the scheme occupancy rate is now over 95 per cent.
PxP West Midlands' business park portfolio covers the entire
West Midlands region, including locations such as Ewyas Harold and
Peterchurch, both close to Hereford. The business park portfolio
also includes Cobnash Industrial Estate in Kingsland, near
Leominster, Lower Teme Business Park in Tenbury Wells, Ludlow
Business Park, Craven Arms Business Park in Craven Arms, and The
Mynd Industrial Estate in Church Stretton. Additional sites include
Netherton Workshops in Highley and Fenton Industrial Estate, close
to Stoke-on-Trent.