The improving economy is heightening competition for commercial property among growing south Manchester businesses seeking to expand their premises.
Areas such as Stockport, Cheadle and Wythenshawe are experiencing an increased demand for high-quality office space as companies seek to upgrade their facilities. Of the 361,528 sq ft of Grade A accommodation available on the market in south Manchester, more than 30 per cent consists of small, self-contained buildings unsuitable for businesses with larger commercial property needs.
With the North West economy growing by three per cent over the previous year – and British employers creating approximately 100,000 jobs a month – the rapidly recovering regional economy is creating opportunities for local companies to invest in growth. Currently, there are only five buildings in the south Manchester market for expanding businesses with requirements in excess 25,000 sq ft.
David Burkinshaw, Development Director at Muse Developments – the commercial and urban regeneration developer behind Cheadle Royal Business Park – said: “As the economic climate continues to improve, we believe that businesses will look to grow and invest in new facilities. However, they will find it difficult to locate the right type of accommodation in South Manchester given the current supply and demand dynamics.
“The reality is, there is a scarcity of new Grade A office space available that delivers the highest standards in energy and modern building specifications for companies with property requirements over 25,000 sq ft. Larger businesses need to plan ahead and begin reviewing their commercial property needs 18 to 24 months before their existing lease expires.”
Rob Yates, Director, Office Agency and Development, at DTZ – joint agents on Cheadle Royal, alongside LSH – added; “In the last 18 months, the region has seen several large transactions. These include: the Waters Corporation’s 200,000 sq ft headquarters at Wilmslow Office Park; the Blemain Group’s 50,000 sq ft facility at Cheadle Royal Business Park; and the biggest letting of 2013 – a 45,000 sq ft letting at Park Square in Cheadle, where Jacobs UK consolidated its south Manchester operations. Cheadle Royal also successfully landed Balfour Beatty and Jardine, which have taken 37,456 sq ft and 31,053 sq ft of existing Grade A office space.”
Cheadle Royal Business Park is a unique 70-acre mixed use development in south Manchester. Providing an excellent range of amenities in an open parkland setting, the development is located within three miles of Manchester Airport and offers convenient links to the M60 and M56 motorways, as well as access to nearby bus and train services.
With two remaining plots available – Lakeside and Oakfield 4 – Cheadle Royal Business Park is able to satisfy a wide range of specific design and build requirements, ranging from 6,000 – 100,000 sq ft.