Tue 19 May 2015
Sales News: Worthing property market seems ‘500% better than 2014’
The Worthing commercial and retail property markets are on the up and up – feeling ‘500 per cent better than 2014’ according to property consultants Stiles Harold Williams.
Significant recent activity includes:
• Headline rents on industrial properties back to pre-recession levels
• The refurbishment and letting of Crescent House, Crescent Road – 20,000 sq ft of high quality office space to the WT Fry Group
• Successful acquisition of 70,000 sq ft (including 20,000 sq ft of newly built space) for Manhattan Kitchens in the Lancing Business Park nearby.
• The sale of 11 North Street, Worthing on behalf of Worthing Borough Council
• Securing a 30 per cent increase in rental income for the landlord on a rent review of a 20,000 sq ft industrial unit in Lancing
• Securing a 25 per cent increase in rental income for the landlord on a rent review of a large retail store in Worthing
Duncan Marsh, Partner for Stiles Harold Williams Agency Department said of present market sentiment: “Since the turn of the year we’ve let, sold and acquired more than 120,000 sq ft for clients. We’re getting much higher quality enquiries – businesses wanting to set up in the town, creating jobs and revenue. Although it’s difficult to prove I feel the market is 500 per cent better than 2014.
“The situation is such that we’re actually running out of properties – so if anyone would like us to represent them please get in touch.”
Richard Bull, Partner for the Professional Department, said: “Retail vacancy rates in the prime section of Montague Street are now virtually non-existent. Bigger companies are coming back to the town, such as Starbucks, Harry Ramsden’s and Virgin Media.”
www.shw.co.uk, 01903 229200