A speculative development of 21 light industrial and trade counter units in Mansfield Woodhouse has been rewarded with a swathe of deals ahead of practical completion.
Family-owned Strawsons Property applied for planning consent to build some 37,000 sq ft of industrial space at its Old Mill Lane site to address the lack of supply in the local area. Development commenced in the summer of 2015 and the units are now immediately available for occupation.
Innes England’s Derby and Nottingham offices have been jointly marketing the estate, alongside WA Barnes, and have now completed deals on over 25% of the available stock with strong interest in the remaining units.
New tenants include a micro-brewery, a granite worktop manufacturer, a 3D printing company and a small distribution hub for an online retailer of children’s ear defenders.
Stuart Waite, associate director at Innes England commented “We are now seeing the return of speculative development in the East Midlands following the economic downturn and it is encouraging to see this rewarded with occupiers committing to units prior to practical completion, demonstrating a lack of good quality supply and improving occupier confidence”
“A lack of good quality stock is something that is challenging the market across the East Midlands and developments such as this start to address that issue, particularly for those SMEs which have been struggling to find appropriate space.
“As well as addressing the supply issue, a new tone is being set for headline rents which is hugely positive, as is the feedback we received from new tenants on the estate”
The development includes 21 light industrial, warehouse and trade counter units with sizes ranging from 1,100 to 8,000 sq ft
Adam Jones of Strawsons Property commented “We are delighted with the deals that we have already completed on the estate. We are in discussions with a number of other local and national businesses and it’s really positive that we are close to completing deals with even more occupiers at such an early stage.”
“It’s a really exciting time as we look to build on Old Mill Lane’s success and vision by moving a number of other schemes on the Estate through planning during 2016”
“The Estate has created a lot of jobs, we’re proud of what we have already achieved and look forward to continuing to improving the facilities at Old Mill Lane during the year ahead”
WA Barnes in Mansfield act as joint agents on the scheme.