An increasing number of Midlands offices are available at
never-to-be-repeated bargain prices, according to Redditch
commercial property agent John Truslove.
Mr Truslove said it was symptomatic of the nation's wider
difficulties and issued a further plea to the Government for
greater efforts to push growth.
He said: "The office market is particularly responsive to the
vagaries of the economic climate. It is struggling - the Coalition
talks a good game but needs to get Britain back to work and
companies recruiting again.
"But there is always a silver lining for someone and those
businesses which are expanding have a fantastic choice.
"In particular landlords have got the message and hence there
are some very keen deals around at the sort of values we are
unlikely to see again."
Mr Truslove cited "special offers" amongst his own portfolio -
Rigby Hall, Bromsgrove, Brockhill Court, Redditch, and Maclellan
House, also Redditch.
Rigby Hall was built as a nail maker's mansion in 1838 but now
provides 6,500 sq ft of prestigious office accommodation. There are
few finer examples remaining in Worcestershire. Unbelievably, Rigby
Hall can be rented at less that £5 per sq ft per annum for
the next three years.
The Stables & Meadow Barns at Brockhill Court can be rented
for £4 per sq ft plus VAT for the first 12 months; £8
per sq ft for subsequent years.
It is a high quality barn conversion in open countryside yet
just ten minutes drive from Junctions 1 and 2 of the M42. The
Stables & Meadow Barns are Phase Two of the Keith and Eileen
Tolley development. There are four units of which two are reserved.
The others - 1,448 sq ft and 1,341 sq ft - can be combined.
Located just five minutes from Redditch town centre, Maclellan
House is a superb detached headquarters building of 12,328 sq ft.
The landlord is offering 12 months rent free followed by only
£8 per sq ft plus VAT based on a five year lease.
Mr Truslove said: "These are quite typical of the office market
trend - giving introductory discounts or discounted rents are now
very common.
"All are high class properties in wonderful rural environments.
It would be hard to beat such attractive locations and the deals
available are tremendous value - two or three years ago we would
have been talking a lot more."
Mr Truslove said they represented a bargain for someone.
"While there is currently little sign of the office market
picking up I cannot believe these sorts of deals will be around for
too much longer.
"Other aspects of the commercial property market such as 'sheds'
are pretty well holding their own which is good. The key is
confidence if badly needed jobs are to be created. The Government
says it has a growth strategy and points to enterprise zones and
the recent Jaguar Land Rover announcement that it is to build an
engine plant near Wolverhampton.
"But then you hear of 500 jobs going at energy group Eon and
3,000 at aerospace giant BAE.
"I fear we have some way to go yet both for the economy and the
office market."
For more information on John Truslove, view the website here: www.johntruslove.com