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South West WalesA
major improvement "After a dire six months in the commercial property market, autumn has brought about a major improvement in the south west Wales market place", comments Jason Thorne of Lambert Smith Hampton. "Throughout September we have seen a major increase in the number of enquiries, which have lead to numerous viewings and an increase of deals being put into solicitors hands. The majority of the enquiries been generated for Retail, Office and Industrial accommodation below 10,000 sq ft. It appears that the local market place and privately owned companies are leading the way, in the tail end of the most severe recession in the last 60 years. Throughout September we have also seen the return of the trade centre market, but this has been limited to companies which have been able to trade profitably throughout the downturn and demand is still extremely weak. As with any recessionary period, a two tier market has approached in the industrial market place. Demand remains high for good quality industrial accommodation and the new product in the market place has faired much better than dated asbestos clad buildings. There are a number of exciting new industrial developments which are reaching conclusion. The Welsh Industrial Partnership, Olympus Development, completes in October 2009. City Link will take possession of their 38,000 sq ft design & build facility at Swansea Vale. Three further units have been built speculatively offering accommodation from 9,000 to 33,000 sq ft. Elsewhere in Swansea, Bailey Court in Felinfach, Swansea West Business Park becomes available with the first building amounting to 3,500 sq ft being completed at the end of October 2009. This is a specially designed development, and the first to use a 'secured by design' concept. This involved high security quality buildings within an enclosed development containing security cameras monitored 24hrs a day. The development will offer accommodation from 3,000 to 8,500 sq ft. Elsewhere in south west Wales, PMG are progressing with a new trade centre development at Neath Abbey. The development will offer accommodation from 2,500 to 5,000 sq ft in an extremely prominent position opposite Trade Centre Wales. Strong interest has been received from owner/occupiers wishing to purchase their own trade centre unit. September 2009 has also seen a return of interest from developers/speculators. As values of freehold/long lease property reach more sensible levels, together with the return of higher volume enquiries, an opportunity exists again for this section of the market. However, Banks are still extremely cautious in their lending criteria and developers together with owner/occupiers have a difficult time in confirming funding on property. It is anticipated that this will continue into at least early 2010 before the major High Street Banks resolve their lending criteria." Work has started on a new £3.5m office development in Llanelli and on a £4m project in Swansea which will provide a significant boost for the construction industry and local businesses. The projects at Llanelli's North Dock and Penllergaer Business Park, Swansea, are the first to be undertaken by Dragon 24, the joint venture between RO Developments and the Welsh Assembly Government. The Dragon 24 Partnership is a key initiative of the Welsh Assembly Government, designed to stimulate private sector investment and provide high quality, small unit, office accommodation. Together the two developments will provide 17 self contained office units capable of accommodating more than 400 people. All units, ranging from 1,000 sq ft to 10,000 sq ft, will be available for sale or let and are being designed to meet BREEAM standards. They are aimed at both expanding indigenous businesses and inward investors. Llanelli The office development will stimulate economic development and form the start of a critical mass of development on North Dock to create a business hub. The design specification will include raised floors, suspended ceilings and low temperature hot water heating. The offices overlook the Dock and will be adjacent to the new heritage walkway and public plaza at North Dock, creating an attractive working environment. The historical Pump House which is to be transformed into a first class restaurant is located immediately to the North of the Dragon 24 site. Both developments form a key part of the £250m Llanelli Waterside regeneration programme being undertaken in partnership by the Assembly Government and Carmarthenshire County Council. Swansea The other half of this first phase will consist of hybrid units where the ground floor will be fitted out as shell and core to enable users to specify the fit-out. The first floor will be designed for office use. Dragon 24 is scheduled to be on site from January 2009 and practical completion is scheduled for December 2009. Dragon 24 is currently in the process of negotiating the purchase of two acres of land at Parc Pensarn in Camarthen. The development is expected to be a two-phase office scheme, similar to that of North Dock, Llanelli. Back
to South West Features October 2009 Latest News: For all the latest South Wales property news visit our regularly updated news and deals section. For all the latest available commercial property visit our Property Search facility. Commercial property jobs:For more information on the
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