Plymouth is located on the South West Coast of England the port and naval base give much focus to it's activity. The current population is 246,100 with a further 100,000 that travel in from surrounding areas. Plymouth University is home to 36,000 students who feed talented young individuals into the local economy.
Retail Property in Plymouth
Retail is dominated in the city by the Drakes Circus Sopping Centre with 70 shops. This has caused an excess supply of older stock in the centre. Marsh Mills, 2 miles north of city centre fronting the A38 at the junction of the A374, is considered the primary focus for multiple retailers when looking to acquire new space.
Plymouth Office Market
The office market is divided between the central core around the Civic buildings, where stock built in the 70's and 80's is available.; the East End/ Sutton Harbour, where more recent developments such as Mast House, North Quay House, and Salt Quay House are situated; The West End / Milbay area, where regeneration activity is taking place. The main industries which occupy these buildings represent the electronics, healthcare, advanced engineering, food and drink, boat building and call centre sectors. The supply of quality property is restricted, with much of the central stock restricted by insufficient car parking provision, some of this stock is being converted to student accommodation. Top quality offices are letting for £12psf before incentives.
Plymouth Industrial Property
The industrial market is short of stock up to 5,000 sq ft for SME's and above 50,000sq ft. with the result that what good new stock is available rents at £6psf, while second hand stock rents at £5.50psf with larger properties attracting a discount.
Property Development in Plymouth
Derriford has become a hub of activity over the last 10 years, the area is anchored by the Derriford Hospital complex. There are two major schemes;
- Plymouth International Medical & Technology Park, an 80-acre site owned by SWRDA.
- Tamar Science Park was launched in 1998 and is considered to be one of the leading science parks in the UK with four phases now complete and housing over 60 companies employing over 700 employees.
New developments include Gary Rhodes’ flagship restaurant and wedding venue at Plymouth Dome will open in early 2013. Plymouth Pavilions plans to refurbish and enlarge the Arena capacity by relocating the ice rink to Home Park. The proposals include retail and residential schemes and improved links to the Millbay regeneration area which comprises a 2m sq ft (18,581 sq m) development on a 19.5 acre site. Sutton Harbour Holdings plc has unveiled plans for a £75m investment in the city’s harbourside.
Thinking about the factors that you require carefully before starting a search for commercial property can save you time and effort. Along with the monthly rental payments or mortgage repayments you need to ensure that the business can afford the associated over heads with a certain commercial properties, such as business rates and utility costs. These few tips are just a couple of points worth considering, however UKBusinessProperty should be able to help you easily research all the points that can have an impact on a decision to purchase or rent a commercial property.