Despite the cautious business climate, principally being caused by the uncertainty surrounding Brexit, the commercial property market has continued to see steady demand from both local, national & international businesses wishing to acquire property in Elmbridge and the surrounding areas.
In recent years the rises in house prices, combined with changes in planning laws that have made it easier for commercial properties to be converted to residential use, have combined and contributed to the decline in the supply of offices and industrial properties across much of Elmbridge.
Notwithstanding this, some developers are now refurbishing vacant office buildings, to provide high quality, modern workspaces. ‘Dakota’ at Brooklands is a good example, along with other properties at Weybridge Business Park and the nearby Bourne Business Park.
The Bourne Business Park has seen good levels of activity, bringing new employment opportunities to the local economy, including the recent lettings of 10,945 sq ft to Schindler, a 13,675 sq ft letting to Mundays Solicitors and a 24,774 sq ft letting to Devonshire Business Centre. In total, over 70,000 sq ft of office space was let on the development in the past 12 months.
Elsewhere, there have been lettings at Walton Lodge in Bridge Street, Walton On Thames to Lawfords Consulting and Connect Auto, with only two properties of the six unit development now available. In Thames Ditton, JP Dunn has taken 3,342 sq ft of modern offices at Unit 5, AC Court. After a number of small transactions at Egerton House in Weybridge, which totals 9,255 sq ft, just 3,100 sq ft remains available.
The strength of the market is also reflected at Brooklands, where late last year AXA took 17,711 sq ft at 5 The Heights and Lincoln Electric Company took close to 4,000 sq ft at 1 The Heights.
Activity in the industrial property market was slower over the last year although the market saw recent activity with the letting of Unit 10A, Waterside Trading Estate comprising of 6,867 sq ft to Easy Bathrooms and the sale of a 2,457 sq ft industrial unit on Trade City, Brooklands. Additionally, in Hamm Moor Lane Ana Wizz took 9,970 sq ft at Heritage House.
Despite the well-documented problems for high street retailers, the retail property market in the area is still experiencing interest in smaller shop units from new local independents and alternative users who are less reliant on online sales.