Strong Performance in 2016
As we move towards the latter part of 2016, Richard Percival Director of Carigiet Cowen reflects on what has been a very busy 12 months for Carigiet Cowen, given the aftermath of the storms which struck Cumbria in the later part of 2015 and the uncertainty created around the Brexit vote.
“We have seen a significant amount of activity in certain sectors of the commercial property market.” Richard reports. “In particular, the industrial sector continues to move forward in a positive direction. Over the last 12-18 months, almost the entire 2 million sq ft of space at Kingmoor Park has been occupied, which is a tremendous indicator of the strength of the market”.
Likewise, Richard has let a significant amount of space at the Kingstown Industrial Estate. Much of the 250,000 sq ft of warehouse and office space, which became vacant when Eddie Stobart moved to the airport, is now occupied or is substantially under offer. Likewise, take-up has been solid at other estates in Carlisle, such as the Port Road Business Park.
Elsewhere in the county, the nuclear build up continues in West Cumbria. Carigiet Cowen, acting as joint agents, sold the former Camtex factory at Lillyhall, extending to over 77,000 sq ft to Gen II and has also agreed the sale of some 80 acres of development land at Lillyhall. In addition, the sale of a further 32 acres at Whitehaven Commercial Park is due to complete before the end of the year, whilst at West Lakes Science and Technology Park, Carigiet Cowen have been involved in a range of office lettings on behalf of the owners – Britains Energy Coast.
Although 2016 has, undoubtedly been a brisk year in terms of commercial property transactions handled by Carigiet Cowen, Richard is already looking ahead to the challenges and opportunities of 2017. “It seems likely that the global and national markets will continue to be affected by the aftermath of the Brexit and US election results for some time to come, but on a local level, the continued investments in Barrow by BAE, the nuclear build-up across the county and securing of Enterprise Zone status at Kingmoor Park in Carlisle, are all positive indicators for Cumbria moving into 2017”.
Carigiet Cowen are currently marketing a wide range of commercial properties across Cumbria which can be viewed via their website www.carigietcowen.co.uk or by contacting the office on 01228 544733.