UNCERTAIN TIMES BUT MAJOR INVESTMENT COMMITTED TO THE AREA
Of course, it’s been well reported that UK economic growth remains subdued as the drawn-out process to leave the EU has left us engulfed in a prolonged period of uncertainty, now well beyond the ‘official’ exit date. Whilst the delay suggests the likelihood of a disorderly exit from the EU is reduced the risk still remains. In the short-term the persistent uncertainty continues to weigh on business decisions in both the manufacturing and service industries.
Whilst the UK retail market is in a state of flux, driven for the most part by the ongoing shift to online and changes in consumer behaviour.
More recently, this has been compounded by rising costs such as business rates and the minimum wage, not to mention Brexit-related uncertainty.
However, with any commercial property market commentary, it is important to maintain perspective and focus on the long-term, rather than being fixated by the here and now.
In Cumbria and in north Cumbria in particular there have been two recent announcements of major long term financial investment.
The £260m which has been committed to the Borderlands Growth Deal should give us all in Carlisle, Cumbria, Northumberland, Dumfries & Galloway and Scottish Borders is certainly something to be positive about particularly as Carlisle Railway Station and the area around it have been earmarked as one of the main areas for investment.
The Ministry of Housing, Communities and Local Government have also confirmed that they will grant £102m towards the cost of the Southern Link Road scheme.
The new link road will support the development of St Cuthbert's Garden Village as well as bringing other significant benefits to the city and the wider county. It will also help bring forward employment opportunities such as the 25 acre + Council owned land off Wigton Road, Morton which Carigiet Cowen are jointly marketing with Savills.
Richard Percival, Director of Carigiet Cowen comments …. “ despite the challenging economy we have seen significant investment by a variety of businesses in the commercial property sector in Carlisle with unveiling of the new state of the art Carlisle Mercedes Dealership at Kingmoor Park, the completion of 19no. speculatively built business units at Kingmoor Park Central, the refurbished Global House office building now occupied by EWM on Castle Street as well as the opening of the new Pioneer Foodhall at Rosehill. There is much to feel good about despite the prevailing sense of uncertainty ”.
Richard also reports … “ as a firm we have been particularly active over the first 4 months of the year concluding a variety of sales and lettings across the county including 3 properties on the Kingstown Industrial Estate; the sale of 3 Merchants Drive at Parkhouse; the letting of 7 St Albans Row under the Town Hall in Carlisle city centre; the sale of a Costa investment in Whitehaven, the letting of prime retail unit to Greggs in Kendal town centre and the letting of a modern 12,000 sqft industrial unit at Kendal and 20,000 sqft unit at Penrith. We are also close to concluding the sale of a very prominent car showroom premises at Rosehill “.
With a range of new and existing opportunities available for sale or to let as demonstrated in the adjacent advert Carigiet Cowen continue to offer quality options to all sectors of the commercial property market.
For further information or to discuss your specific requirements please contact Richard or any member of the Carigiet Cowen team on 01228 544733 or view available properties on www.carigietcowen.co.uk