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4 million investment boosts property market

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.

"Orton Southgate 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."

June 2000




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