Friday, 1 October 2010

Gatwick Boosts Local Commercial Property

Plans for a £1 billion capital spending programme at Gatwick Airport will have an impact on the area and bring it up to a higher standard. The plan has been welcomed by the Gatwick Diamond Initiative, a business location centred around the airport and stretching from Brighton to London and East Grinstead to Dorking. Alistair Smith of the Initiative said: “We certainly welcome the new independent ownership of Gatwick. The £1 billion capital investment will bring the facilities up to date.” He added that they were working closely with Global Infrastructure Partners, the new owners, to ensure that the airport creates real benefit for the local economy. Smith listed an increase in long haul flights as being helpful to local companies.

Among the areas of new investment was the shuttle between the two terminals and an extension to the North Terminal. The investment will bring improvements to almost every part of the airport, including the South Terminal departure lounge, entrance forecourts, immigration hall and baggage exchange.

As far as the local property market is concerned, Michael Deacon-Jackson of FTD Johns said “it remains challenging but there are opportunities to deal in what is a tenants market.” The problem for offices is that there are 81,288 sq.metres (875,000 sq.ft.) available, or 20% of total stock. Of that 30% is Grade A and the remainder a variety of second hand and refurbished buildings.

There are a number of enquiries, the main ones being for properties up to 929 sq.metres (10,000 sq.ft.). The companies involved are Air Partners, CWHB and Amey. To prove that the market is far from being inactive, Network Rail bought the 1,301 sq.metres (14,000 sq.ft.) G3 for £2141.24 a sq.metre (£199 a sq.ft.) and in Crawley 5,110 sq.metres (55,000 sq.ft.) of offices have been let this year. Deacon-Jackson said: “Recently we have seen an increase in enquiries so there is a little more confidence coming into the market.” Industrial property is more resilient and there has been a reasonable level of activity. In Horsham, Fender Musical Instruments has taken 1,106 sq.metres (11,900 sq.ft.) at £70 a sq.metre (£6.50 a sq.ft.) and Avesco is taking 5,574 sq.metres (60,000 sq.ft.) at Manor Gate, Crawley.


The Kent, Surrey and Sussex Commercial Property Register

The Commercial Property Register for Kent, Surrey and Sussex is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space, Serviced Offices and Commercial Property in Kent Surrey and Sussex. You can also find the latest commercial property news for this region.



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