West Suffolk: Work starts on 20,000sq ft unit on Newmarket Business Park
PUBLISHED: 06:00 05 February 2014
Work has started on a 20,000sq ft warehouse/industrial building on the Newmarket Business Park.
The speculative development by Hamilton Land Ltd reflects hopes that the local economy will benefit from the £100million-plus scheme to dual the final nine miles of the A11 just north of the A14 junction, work on which is halfway through its two year timetable.
Philip Woolner of the letting agents Cheffins says the development on the business park is a sign of improving confidence in the industrial property market and in the strength of the local economy.
“With faster access from the M11 and A14 and north along the A11, in the next 12 months, there is a strong economic argument to locate regional distribution facilities in the Newmarket-Thetford area. There have been no new developments like this in the last five or more years,” he said.
“Newmarket is already well-established as a cost-competitive centre, with Newmarket Business Park and the surrounding industrial areas maintaining high levels of occupancy throughout the downturn, and with strong prospects for growth in the years to come.
“This new building - Unit 8 - will be completed by July this year and is available either on a leasehold or freehold basis, on competitive terms.”