The commercial property market
in Peterborough has received a powerful boost with news of a £4 million
investment in two new warehouse/production units which will be built at
Bakewell Road, Orton Southgate.
The two units - designed to
high specifications - are being constructed by MGM Assurance on a 1.5
hectare (3.68 acre) site purchased from English Partnerships, the
government's regeneration and development agency.
Steve Hawkins, from property
agents Barker Storey Matthews who acted for MGM, said: "This is a
very important deal for Peterborough. This speculative development
coincides with strong demand for good quality, modern production/warehouse
accommodation and we expect strong demand.
accommodates 300,000 square metres (3.2 million sq ft) of business and
industrial space, out of which less than one per cent (1,765 sq m/19,000
sq ft) is currently empty. This is the lowest level of supply since Orton
Southgate was developed in the early 1980s."
Construction will begin in
August on the two units, measuring 4,180 sq m (45,000 sq ft) and 1,775 sq
m (19,300 sq ft), both of which will include approximately 10 per cent
office accommodation. The steel portal frame, clear span units will
feature 'dock-levelling' loading facilities and 8-to-10 metre eaves
height, giving warehouse occupiers the option to stack palletised loads
four or possibly five pallets high.
Roger Kendall from English
Partnerships said: "We are now experiencing a higher level of land
enquiries for new developments in Peterborough. This sale to MGM
demonstrates the market's confidence in the city's future prospects."