Despite the uncertainties in the property market at the start of 2013 and the lack of confidence of buyers in the residential market place, our commercial department saw a significant increase in enquiry levels for all types of premises across Flintshire, Denbighshire and Conwy.
Demand for modest lock up retail units to rent saw the largest increase, with serious enquiries converting into leases fairly quickly and demand now outstriping supply which should have a positive effect on rents achievable. Larger retail units are much slower but this tends to be largely as a result of the business rates levels still proving to be a deterrent despite the small business rate relief scheme.
Catering and licensed premises were very badly hit by the recession. However, again, there is an element of enthusiasm creeping back into the marketplace and some exceptionally good rents have been achieved on restaurants and takeaways.
Good investment properties have been selling – investors are typically seeking returns of 12 – 15% as a minimum. Now is the time to buy a commercial investment particularly if it is being included in a self invested pension portfolio.
The outlook for 2014 is a continued growth in demand for retail shops and hopefully a noticeable increase in confidence in the industrial and distribution sectors. With residential properties selling quicker than at any time since 2008, building plots should generate a greater level of interest to those aspiring to take on a self build project.
If you have a property to sell or let or are looking to purchase an investment and simply need advice and guidance, contact our commercial department for an informal and friendly discussion.