Industrial property still in demand across region as local market shows ‘positive signs’ of steady recovery

Garness Jones recent sales and lettings made on industrial units across the region

COMMERCIAL property agents specialising in deals across Yorkshire and Lincolnshire say demand for industrial units is providing a promising sign of a steady market recovery.

Garness Jones, a company with more than 20 years’ experience of the commercial property sector across the region, says it has been ‘highly encouraged’ by a willingness to continue doing business, not only now lockdown rules have been relaxed, but also at the height of the Covid-19 pandemic.

It has seen industrial property specialists at the firm complete 16 deals on sites with clients across Hull, the East Riding and Grimsby since the end of March, when the country went into lockdown.

The firm is currently overseeing a further nine offers to buy industrial sites in Hull and the East Riding, including land on the 200 acre Melton West project, one of the region’s key current developments given it is one of Yorkshire’s largest commercial sites and has the potential to be home to thousands of jobs.

Chris Hyam, agency surveyor at the firm, says he also has a further five potential industrial site lettings currently at advanced stages of negotiations, in both Hull and Beverley, indicating that there are many businesses which have not been substantially affected by the events of recent months.

“We are seeing very promising early signs and we have been highly encouraged by the business which is being done. It has been fantastic to help local businesses take new opportunities to grow and expand in these challenging times,” he said.

“The industrial market was performing very strongly locally in the early stages of the year before the virus outbreak, and although it is of course some way off that point presently, the signs are very positive.

“Of course, we are all aware that we are far from back to normal, and all in business are very much expecting there to be some more challenging days ahead.

“However, it is the reality of the world that whilst for some businesses these have been very hard times, for others new opportunities are arising.

“The approach of those who have been taking on new premises has been one of confidence that the market will recover strongly, and that it is essential to see beyond 2020 and into a more positive future.”

Firm overseeing progress on region’s key business developments

Garness Jones’ team of investment and development specialists continue to oversee progress at a number of the region’s flagship projects.

It was recently revealed that the Hammonds of Hull development, for which it is handling retail space enquiries, remains on target to open in September, whilst developers Wykeland Group recently reported continued progress at Melton West Business Park, having gained planning consent for 230,000 sq ft of new business space on the 200 acres site.

Progress has also been made on the 124-acre Humber Gate development in Grimsby, where Garness Jones recently completed a deal for a two-and-a-quarter acre plot of land. The firm is continuing to market that site to manufacturers, industrial companies, logistics businesses, warehouse operators and developers.