Upturn in Property Enquiries
Since the turn of the year, Carigiet Cowen have witnessed a significant upturn in property enquiries across many sectors of the market. Central Clinic on Victoria Place, Carlisle is a case in point.
Victoria Place is in the process of transformation with the recently completed impressive new Richard Rose Academy and eye catching Youth Zone buildings creating a vibrant hub which will be further enhanced by the completion of the long awaited Carlisle College redevelopment.
The Central Clinic has long been a well known building in this part of the city. Vacated as part of Cumbria NHS Trust reorganisation two years ago, the property first came onto the market in the depth of the credit crunch and initially the market showed little interest. Carlisle College seized the opportunity to occupy the building ideally placed for their needs, during the redevelopment of their own site. However Selling agents, Carigiet Cowen report that in recent months enquiries about the property have greatly increased and a steady stream of viewings has taken place. Chris Smith the Director dealing expresses an optimistic tone "despite continuing difficult market conditions there is real evidence that both owner occupies and developers are becoming more active”. The residential sector was one of the hardest hit following the economic downturn. Central Clinic is well placed for conversion to such use and a number of the enquiries reflect this. Interest for uses complimentary to the Academy and College nearby have also come forward.
Bank funding continues to be difficult however it is evident that purchasers with access to funding are seeking to take advantage of the market conditions to acquire opportunities at prevailing competitive prices where potential can be seen. Central Clinic very much fits this mould. Mr Smith continues "I am hopeful that realistic offers will soon come forward".
The letting sector too is more robust than it has been. Carigiet Cowen are marketing property on Castle Street and Paternoster Row previously occupied by the University of Cumbria. Interest from a variety of potential occupiers including office, health and retail sectors are expressing interest. Mr Smith says "the location at the heart of the City's historic quarter and adjacent Tullie House Museum is proving popular with prospective occupiers. In recent years there have been a number of false dawns in the market however hopefully as Spring now moves towards Summer in 2011 these green shoots will finally bear fruit."