Encouraging signs for Shropshire’s commercial property market for the year ahead
Shropshire’s commercial property market is predicted to continue to generate strong levels of activity throughout 2021.
Toby Shaw, a partner at Towler Shaw Roberts, said deals are happening in all sectors across the county, despite the challenges posed by Covid-19 and the current national lockdown in England.
He highlighted the strength of the local market and, looking to the future, believes there is considerable scope for optimism.
Mr Shaw said: “After the uncertainty surrounding the first lockdown, it’s since been demonstrated how well the market has held up with strong activity throughout the year extending into the first quarter of 2021.
“There is clearly an air of optimism and a general sense that the Shropshire market is still very strong. That’s reflected by the variety of deals that we have managed to secure across all sectors.
“Some people talk about the retail sector struggling, but, encouragingly, we have still been able to complete a large number of notable lettings, and particularly for properties with rents up to £20,000 per annum.”
A number of properties recently marketed by TSR have ended up going to best and final offers, reflecting the high level of demand and scarcity of good quality properties.
“We are seeing tremendous competition for a wide variety of properties,” confirmed Mr Shaw. “As an example, we marketed a number of former Travis Perkins sites in north and Mid Wales with each attracting at least four or five best and final offers, reflecting the popularity for this type of property in the area.”
He added that Shrewsbury continues to generate high levels of institutional and development activity, with TSR concluding a number of notable sales of prime development sites, including those at Churncote Island and Battlefield Roundabout on the north side of the town.
Mr Shaw said: “We are also currently in discussions with interested parties for the sale of a significant parcel of commercial development land at Oteley Road, while the restoration of Shrewsbury’s iconic Flaxmill Maltings site, where we have been selected to market four floors of office space which will be available in the early part of 2022, is another exciting project for the town.
“Elsewhere, we are busy acting for a number of retained clients on a wide variety of professional work, including the acquisition of various properties in ‘off market’ deals.”
Mr Shaw added: “Overall, it’s a very encouraging picture, and we are excited for the future as we move towards the lifting of the Covid restrictions in the coming months.”
Pictured: Toby Shaw, a partner at Towler Shaw Roberts.