Witney at the Forefront of Commercial Property Take-up in Oxfordshire
Witney is at the forefront of commercial property take-up in Oxfordshire following a recent spate of activity. Leading commercial property agents, VSL & Partners reports the increase in demand is improving rents for commercial space in the town.
“Only a few months ago we were marketing six separate units in Witney and in the last few weeks we have negotiated over five deals with only two units left to market. We have seen rents improving and incentives reduce with this increase in demand,” says Duncan May, associate director at VSL & Partners.
Recent commercial activity in Witney includes the letting of Unit 19 Avenue One, Station Lane to Shape Machining Ltd who has taken a 5-year lease on an industrial unit comprising 5,512 sq ft at £36,000 pa. Shape Machining Ltd was founded by former F1 Chief Designer Peter McCool to provide precision composite machined tooling to the motorsport, automotive and aerospace industries. VSL acted for CBRE Global Investors.
Unit 18 Avenue One, Station Lane has been let to Ocea Ltd who is relocating to Witney from Kidlington. VSL acted on behalf of CBRE Global Investors and agreed a 3-year lease on Unit 19 comprising 5,355 sq ft of industrial space.
Warehouse space with office accommodation and side yard at Eden House, Avenue Four, Station Lane has been sold to West Oxfordshire District Council. The building comprises 6,130 sq ft and is let to existing occupiers and 2014 winners of the West Oxfordshire Business Awards, ICE Oxford who agreed a 2-year extension on their lease. VSL acted for the vendor Seighford Trading Ltd.
Unit 21B Avenue Two, Station Lane comprising 3,411 sq ft has been let to Stratum Composites Ltd. The company manufactures composite components for F1 and motorsport, aerospace, defence and sporting goods industries. VSL acted for landlord Saffron Asset Management.
Duncan says: “The Witney commercial property market struggled throughout the recession with increasing supply levels and limited demand. These transactions highlight a greater market confidence for commercial space in Witney, which has resulted in a significant increase in headline rentals. Increase in take up is however creating a lack of supply in the area, reinforcing the need for speculative development to satisfy future demand.”
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