Unit C, Kennetside, Bone Lane, has also just reached practical completion after undergoing a comprehensive refurbishment. Offering 39,337 sq ft of warehouse and office space the building is available to let on a new lease at £7.50 per sq ft. This is a self-contained building with a private car park for over 50 vehicles.
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A property new to the market is Unit H Hambridge Lane, Newbury which is offered to let on a new lease at £7.95 per sq ft. The building provides 7,790 sq ft of workshop/warehouse space with small ancillary offices. To the front of the property is a large yard that can easily accommodate articulate trucks and can be fenced and secured if required.
5 The Long Yard, Shefford Woodlands, is a modern business unit which can be used for office/production purposes. At 985 sq ft the building is available to let on a new lease and as an added incentive the landlord is willing to offer an attractive rent free period. Coupled with this the rent is just £12,000 per annum and if the tenant is a qualifying company they will be able to take advantage of a 100% reduction in the rates payable which has a substantial benefit to the tenant, significantly reducing their occupational costs.
Not surprisingly the commercial property market has been quiet during August as it is the peak holiday period. There is also the added influence of uncertainty amongst the business community caused by Brexit which has resulted in a very slow period of activity. Hopefully Q4 will see an improvement in demand and market activity. However, deals were completed during August which included the following;
17 Cheap Street has been let to operate as a new independent restaurant to two people already known on the foodie circuit in Newbury – but promotion for their new business, open in October, will be down to them! The lease is for an initial 5 years and the use is full restaurant having been Swan Upholstery previously.
With the accelerating speed of conversion of offices to flats, the agent reports one local success in agreeing new terms to let Albion House in Oxford Street to Jaywing, so keeping an important employer in the town centre and keeping an office building in commercial use. The new lease is for 10 years and is a building of 6,700 sq ft with on site parking. Deal Varney acted on behalf of the owners McKay Securities, and Carter Jonas for the tenant.