From the ongoing publicity surrounding Basingstoke as a commercial centre and Basingstoke & Deane Council’s focus currently being directed to the prospects for high profile office development on Basing View, it would appear to the property market that Basingstoke only has one commercial sector.
However, research by Basingstoke agents BDT incorporating Woodford & Company, Hollis Hockley and London Clancy shows that this is far from the case. The agents have for a long time expressed a view that Basingstoke is a town with a mixed economic base, and a vital part of the town’s vibrancy is generated through the industrial/warehouse sector. This sector has continued to grow steadily and unlike the local office market has continued to attract companies from outside of Basingstoke into the town.
Over the last 5 years the take up of industrial and warehousing space has stood at an average of approximately 300,000 sq ft per year. In 2016, to date, already 170,000 sq ft has been let. The consistent take up, combined with a lack of development, is now leading to a severe supply shortage. The current available stock has reduced to around 200,000 sq ft, and there is not on building over 20,000 sq ft presently available. Whilst “Logistic City”, to be developed by Kier, will add another 100,000 sq ft to the supply figures, this will not be until mid 2017 at the earliest.
Supply has not been helped by the loss of some key industrial sites, in particular the Lilly Industries site in Kingsclere Road which is now earmarked for residential use, and latterly the Golf Club which also looks likely to be developed as housing. This latter site would have made a perfect distribution location adjacent to Junction 7 of the motorway and would have enhanced the future supply of commercial space and therefore, employment opportunities. Whilst the local authority is target driven by the Government to provide residential development, it must also recognise that local residents will also need continued opportunities for employment.
The consortium of Basingstoke based commercial surveyors are adamant that further sites needs to be identified by the Council, both in their role as a property owner and as planning authority, to help ease a looming problem for the long term good of the local economy. Otherwise the growth of the town could stall over a lack of employment opportunities.
Contact for further information:
bdt Woodford & Company
Telephone: 01256 840 777