Colchester is a `relocation choice’ for firms
- Credit: Archant
There is a growing demand for commercial properties in Colchester.
Newman Commercial, part of the Fenn Wright group, has completed the lettings of three major industrial and commercial buildings in the town.
Jeremy Newman, partner at Fenn Wright, incorporating Newman Commercial, said: “With the rise of new business initiatives and growth of commercial opportunities in the region, it is an exciting time for Colchester.
“The interesting theme is that Colchester is the relocation hub of choice.
“Companies are carrying out their own due diligence and identifying this area as an industrial and commercial hotspot, which bodes very well, not only for businesses, but for the future of the town and surrounding areas.”
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Newman Commercial closed the year with a bust of transactions, and a record number of deals in the past six months, he said, achieving more industrial/warehouse sales and lettings than any other agent in Colchester.
There was a total of more than 225,000 sq ft of space involved, reaffirming the demand for premises in the area.
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There were three significant late transactions in 2018.
On Severalls Park, 2 Wyncolls Road, the 60,000 sq ft warehouse was previously occupied by printers Polestar who went into receivership in 2016.
The premises were acquired by London-based landlords who have fully refurbished the building and produced two separate units.
Unit 2A has been let to Phoenix Aromas & Essential Oils LLC who have taken 35,500 sq ft of space, on a 15-year term, relocating their business operation from Loughton, Essex. Phoenix sources flavour and fragrances ingredients from around the world.
While Unit 2B has been let to VegTrug Ltd, a growing local garden supplies company started by Paul Owen in 2009 from agricultural buildings.
It has taken 26,500 sq ft of space for a 10-year term.
The manufacturer of raised, vegetable planters garden equipment has been expanding over the past nine years and is moving from smaller premises.
Also in Colchester, 10 Easter Park, Axial Way has been let to a Dutch bakery ingredients company, who have taken a lease on the refurbished 31,800 sq ft building. The company is relocating from Billericay, Essex.
Newman Commercial has completed four other major deals for premises on Severalls Park during 2018.
Mr Newman added: “To have been able to agree seven major industrial/warehouse deals in one year is a significant feat for any agent, and one we are pleased with. We currently have a list of applicants looking for high quality industrial and warehouse premises.”