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The commercial property sector in the North of England showed strong growth in the second quarter of 2018, new figures have revealed.
This marks a continuing trend whereby investors are looking to regional centres for better returns, with observers attributing this to the lower cost of doing business outside of the South East, a strong talent pool and substantial opportunities for growth.
According to a recent commercial property report released by global real estate services provider Savills, commercial properties in a range of towns in the North West of England, including Stockport, Crewe, Macclesfield and Warrington have been shown to have rental yields that far exceed the national average of 4.5%.
However, the region seen to be performing exceptionally well is Yorkshire, with commercial property valued at over £500 million changing hands in the area in the second quarter of 2018. Yorkshire’s regional market is observed to be growing at a faster rate than other markets in the broader ‘Northern Powerhouse’, with the £523 million worth of commercial property assets sold in Q2 representing the highest total for almost three years, an increase of 32% year-on-year.
The figures released by leading UK market-focused commercial property and real estate consultancy firm Lambert Smith Hampton showed that Yorkshire’s figures compared favourably with an uplift of 7% over the same 12-month period across Yorkshire, the North West and North East combined.
The office market was shown to be in particularly good health, accounting for 45% of commercial property transactions. Total investment in this sector reached £235 million, more than double the figure in the previous quarter.
Another sector performing well is the industrial sector, representing 21% of total investment volume for the quarter at a total of £109 million. The alternatives and retail sectors performed in line with figures for Q1, making up 19% and 15% of the total commercial property investments made. Yorkshire was shown to be an attractive investment for UK Institutions, with buyers from this category being responsible for 43% of the total activity.
Whatever the nature of your business, Wilford Smith’s expert commercial conveyancing lawyers can provide essential legal support to assist you from the earliest stage of your transaction through to its conclusion. From reaching agreement on Heads of Terms, through drafting a contract of sale and ensuring that all documents are completed accurately and delivered on time, the service we provide for commercial clients is of the highest standard.
We pride ourselves on our reputation for hard work and attention to detail, with advice delivered in a manner that is clear, concise and professional. Whatever sector you are operating in, Wilford Smith’s commercial conveyancing solicitors are the best choice for commercial clients across England and Wales.
Our lawyers are based in London, Sheffield and Manchester and assist clients throughout England and Wales. Contact us today on 0808 168 5813 to find out how we can help.
