Over the next twelve months we will be looking to hold various fundraising events in which we will aim to raise even more money for this cause. We hope you can join us.
As we come to the end of 2019 Kavanaghs look back on what has been a good year in spite of a year of uncertainty and a softening of the economic climate. STEPHEN BRICKELL OF KAVANAGHS COMMERCIAL PROPERTY MANAGEMENT commented
"Although you will be reading these words in November / December I am putting pen to paper at the end of October. This year has without question been “A very good year indeed” but with three years Brexit uncertainty under our belts it hasn’t felt that way. Who knows that there may even be a resolution by the time you are reading this.
What is certain is that over the course of 2019 the industrial sector has been a consistent performer with rents holding up well across all sizes of property. The smaller units such as those we manage on the White Horse Business Park and at Semington have continued to be in high demand and where we have had units available they have been snapped up. We have also concluded rent reviews on larger 10,000 sqft units in Corsham and secured healthy increases for our landlords.
Retail is as ever the most difficult sector where we have seen some spectacular insolvencies and numerous companies from Monsoon to House of Fraser and Arcadia entering into CVA’s. But all is not lost on the High Street just yet. Taking Swindon as an example which is often cited as a bellwether town we have managed to secure substantial rent increases on units where tenants have departed and been inundated with enquires. Likewise for properties in Marlborough and Cirencester. Location is key and landlords have to be offering a good quality product. The days of a dilapidated shops and big rent free periods for tenants to carry out refurbishments are long gone.
Offices remain the middle ground sector. Rents are neither up nor down but the asking rent has to be correct. As an example we successfully let offices in Chippenham at the Avonreach Office Park which we manage, on behalf of a realistic landlord who took a pragmatic approach to rents and lease terms – he ended up with competing interest. Other properties, fortunately marketed with other agents, continue to languish on the market where landlords aspiration and market reality remain poles apart.
The investment market still continues to defy logic and is largely being driven by the effect of low interest rates on yields. Definitely a sellers market where we can’t satisfy demand. As ever more property urgently required.
So all in all as a business we continue to grow with happy landlords with secure rental income. Long may it continue but with the word "recession" being mentioned regularly how this will ultimately play out within the property market its impossible to say but what is certain is that agents and their landlords need to be responsive, pragmatic and think outside of the box in a fast changing commercial environment. We certainly intend to.
For further information on any of our properties, or for a confidential discussion on any commercial management issues you may have contact Stephen Brickell on 01225 341490.
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