Commercial Property Update

Commercial Property Update

As we head into September in what has been an unbelievably busy year here at CPR so far, it is hard to believe we are have just three full calendar month's of trading to go, plus those busy frantic weeks in December!  Our team here at CPR have been busy working hard on several projects across the three main property sectors of retail, offices and industrial. Here's our story so far of just some of the deals we are proud to have completed!!



The retail sector continues to be both challenging and interesting, with exciting deals and new instructions contrasting with varying demand for suburban retail units against town centre stock.  We have recently completed deals on the sale of two traditional retail buildings in Clifton, both held as investments, with one sold without even going to market! Further west of the town over in Bramley, we have dealt with a Lease renewal of a modern retail unit at AEON Court, and a new letting of another unit to a micro bar.  A nail bar is shortly expected to complete in the same development which will all add a great Tenant mix and vibe to this popular part of town.  In nearby Wickersley, we have just completed a new Lease to a retail unit managed by CPR on Bawtry Road, which will shortly open as a Thai takeaway, whilst upstairs at the former 450 Above premises, we have received a good level of enquiries and two applications based on licenced premises.  In the town centre, we have worked tirelessly this year to successfully add even more new occupiers to the core pedestrianised area, with deals completed on Effingham Square to a new nail bar and pawn brokers, together with the sale of a former TUI travel agents on Bridgegate, and the sale of two prominent retail buildings on Wellgate. At the stunning, iconic Victorian Imperial Buildings in the town centre, we re-let the former Fitzwilliam and Hughes Cafe literally within hours of the former Tenant vacating, and also re-let two other units there. In Brinsworth and Rawmarsh we received a huge amount of interest in the former McColl's convenience stores, both of which were snapped up for continued uses. Interest and enquiries were also strong on an investment we have sold on Masbrough Street, anchored by Ladbrokes and attracting offers in excess of £500,000, which reflected a fantastic yield of 7.91%!


The office sector in 2023 has been challenging whilst we have seen movement and completed deals to a number of local developments. Two floors of Grade-A offices at 2,500 sq.ft. each were re-let at South Grove earlier this summer in Stewart House, whilst across the town in Manvers we have completed deals at Enterprise Court. A new letting at Bradmarsh Business Park at the highly-desirable and popluar office park at The Point, also managed by CPR, was completed in February of this year, whilst we have been busy completing the sale of an investment on behalf of AESSEAL down at Templeborough, which was snapped up at a yield of 9.44%. Offices formerly occupied by local insurers RiB were sold for office use once more, despite a large number of enquiries considering change of use to apartments. A stunning stone-built barn conversion over in Braithwell was re-let within weeks of going to the market, as the trend for smaller office suites seems to continue to be popular. We have received new instructions on brand-new offices of over 3,000 sq.ft. at the New York Stadium this month, together with some stunning Grade-A offices at South Grove House on the edge of Moorgate which are available from 7,645 sq.ft. to 15,290 sq.ft. on new leases. We also have over 3,000 sq.ft. of excellent offices available to let at Smithy Wood just off junction 35 of the M1, and more locally some stunning refurbished offices at Templeborough at the Riverside Business Exchange which even have scented air conditioning!!



The industrial sector has gone from strength to strength in recent years and was never going to keep up the incredible rises we've all seen in rental and capital growth!  Whilst many Landlord's have enjoyed huge rental increases, the story for Tenant's has been difficult with availability of vacant units extremely scarce coming into 2023, and high rentals quoted. We have however, seen availability increase in recent months, perhaps as the energy crisis begins to take its toll?

Earlier in the year we completed the new letting of 97,000 sq.ft. at Thurcroft Industrial Estate on behalf of Greens Desserts, who had owner-occupied the premises for many years and had re-located the core of their business overseas. The new Tenant, Ultimate Battery Company, have quickly opened their new manufacturing plant at the premises, which will be one of the first new battery manufacturing sites in the UK and will manufacture the next generation of both starter lighting and ignition batteries for vehicles, and energy storage solutions utilising UBC’s patented Duophasic technology. A recruitment drive is underway for various roles in the first of a series of production teams, and recruitment will continue over the forthcoming months as production ramps up. Production of UBC’s patented and cutting-edge battery modules has started, with the first order being dispatched in March 2023. Currently, the company is making substantial investment in the site to create a state-of-the-art facility. This includes the evaluation and installation of renewable energy solutions. Additionally, UBC have begun their next round of funding. The deal marks one of Rotherham's most significant lettings in recent years with up to 250 new jobs scheduled to be offered.