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08:41 on Wednesday
7 March 2001

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Positively Peterborough

Peterborough remains low cost business centre


Peterborough remains one of the lowest cost cities in the UK in which to rent business premises - despite new record rents for retail space in Queensgate shopping centre.

This is the key finding of a survey comparing business rents in more than 20 leading UK cities compiled by regional property agents across the country, including Dickens Watts & Dade in Peterborough.

The figures show that, for industrial premises, Peterborough is the UK’s lowest cost location. Prime factory units are being let at rents up to £40 per square metre (£3.75 per square foot) - £3 per square metre less than in Liverpool, the next lowest cost city in the table, and less than half of the £91 per square metre being achieved in Reading.

Peterborough is good value for office occupiers as well, with good quality buildings being let at rents of up to £118 per square metre (£11 per square foot). Only Ipswich at £97 per square metre offers better value - and in London costs are an astronomical £780 per square metre, giving rise to the possibility of further relocations to Peterborough.

For retailers Peterborough is around ‘mid table’ despite the fact that Vision Express has recently signed for a new unit in Queensgate at £2,153 per square metre (£200 per square foot) - a new record rent for the city.

Richard Dade of Dickens Watts & Dade said: “The figures underline the attractions of Peterborough as a place in which to do business. “However, rents look set to rise over coming months due to a critical shortage of good quality accommodation.

“Although around 12 per cent of the office space in the city is vacant this is mostly in less attractive premises which are 20 or more years old. The story is similar for industrial property, although there the vacant space is less than five per cent of the total.

“With no industrial or commercial development yet taking place at Hampton the upward pressure on rents is continuing.”

Copies of the survey are available from Dickens Watts & Dade - telephone 01733 344414.

December 2000

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Contact:
Richard Dade
Dickens Watts & Dade
Tel: 01733 344414

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