A commercial property agent has seen two deals crash in Suffolk because of the UK's faltering economy - but says cash buyers are coming to the fore.
Beane Wass & Box said despite enduring economic and political uncertainty, rising interest rates and a falling pound, the market was still in "reasonably good health".
However, agents admitted demand did not extend to the very largest shop units in Ipswich town centre - leaving a yawning gap.
The Ipswich agents said the tough conditions over the last few months saw off deals nearing an offer on two freehold sales - one a part-let office investment in Ipswich, the other a freehold shop investment in Saxmundham.
But the agents added: "We have noted that the increasing costs of borrowing has also provided opportunities for cash buyers."
The company has just completed the freehold sale of an acre of land on the outskirts of Ipswich to a private developer.
Details of the off-market deal remain under wraps but the developer will be promoting a scheme next year for several small industrial units - which remain in demand because of a shortage of space for small businesses and start-ups, said the agent. The new units are set to come on line in September 2023.
Beane Wass & Box said it has completed "several" commercial lettings recently - in spite of the economic turmoil.
One of these was a small 1,700sq ft ground floor warehouse unit at 4 Quadrangle Centre off Nacton Road, Ipswich, which attracted multiple enquiries. It has been leased to Suffolk at Play Ltd - which recycles waste products into play equipment - on a five year lease at a rent averaging £9,800 a year.
It also let a refurbished former tailor's shop at 524 Woodbridge Road, Ipswich, to PSM Locksmiths on a new five-year least at £10k a year.
The agents' Richard Bertram said there was a continuing trend of vacant office space being into flats in Ipswich town centre.
The firm recently sold 2/3 Friars Courtyard at 30 Princes Street opposite the Willis Towers building for its asking price of £350k on behalf of a London-based client. Contractors are now converting three floors of offices into six two bedroom flats.
“There is a steady supply of stock coming to the market, which is still finding both occupiers and purchasers," said Mr Bertram.
"Apart from the largest retail units in the town centre, the Ipswich commercial property market remains in reasonably good health.”
Nearly all of the properties on their books were continuing to attract interest and viewings, he added.
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