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