Kirkby & Diamond Secure Three Of The Largest Lettings Of 2014
As the market continued to go from strength to strength throughout 2014, Kirkby & Diamond was responsible for two of the largest industrial transactions of the year.
Blakelands House completed in October, with Pacific House completing in November. The buildings measured 76,941 sq ft and 64,503 sq ft respectively, with both being let to strong covenants providing for many new job opportunities across the town.
Coca-Cola has occupied Blakelands House on a new ten year lease, securing Coca-Cola’s longstanding history as one of the many international names in Milton Keynes.
The new resident of Pacific House, Sansetsu UK Ltd, has also been an established name within Milton Keynes, having been located in and around the area for almost 30 years. The company has gone from strength to strength and is now one of the leading names for largest extruders of polyethylene bubble film in Europe.
Further success has seen 25,000 sq ft let to Aston Martin, which shows further commitment from the firm to continue a respected presence the area. Aston Martin has been in Newport Pagnell for over 60 years, with the firm continuing to expand across Milton Keynes. So for all that live in Milton Keynes, we can expect to continue seeing all shapes, sizes and models of Aston Martin for many more years to come.
Following these lettings, stock continues to reduce across all of Milton Keynes and, indeed, the wider M1/A1 corridors. Milton Keynes is reaching crisis point, with no Grade A industrial stock left, with even the historically oversupplied secondary multi-let sector seeing a vast drop in vacancy, with many estates now sitting at almost 100% occupancy. Availability sits at circa 6.5%, the lowest seen in years.
Kirkby & Diamond also secured the largest office sale of the year of almost 8,000 sq ft, when a figure in excess of £140 sq ft was achieved. The office was sold to a requirement that had been in the market for almost 12 months and due to internal communication across the agency team we were able to relocate them from Luton to Milton Keynes and expedite the letting in a matter of months.
Office availability like the industrial market also reduced despite tougher market conditions. At present virtually no Grade A office space exists with overall availability now, for the first time in years, reduced to under one million sq ft.
Because of this, the tide has finally turned for the landlords who have experienced many years of pain. The biggest winners will be the owners that have modern units, as the lack of availability of suitable space means that rents will continue to increase.
From all at Kirkby & Diamond, we hope you had an enjoyable festive rest and are feeling suitably recharged for what, I’m sure, will be a compelling 2015.