Page 11 - Caxtons KPMR 2021

Lettings
Date
Location
Landlord
Tenant
Floorspace ft2
Rent (pa)
Lease term
Agent/s
Mar ’21
2nd Floor, Gail House,
Lower Stone Street, Maidstone
Brycourt Ltd
NHS Kent & Medway
7,390
£125,630
10 years
Martine Waghorn
Jan ’21
55-56 Riverside Estate, Sir Thomas Longley Road, Medway City Estate
Private
Energy Solutions (UK) Ltd
6,540
£49,000
5Years
Harrisons
Apr ’21
Dowding & Frant House, Coach & Horses Passage, Lower Pantiles, Tunbridge Wells
Lower Pantiles LLP
Base Quantum Ltd
2,847
£49,650
5 yrs – Tenant break – 3rd yr
Durlings
Mar ’21
The Clock House, Sevenoaks
ABRDN
Lifeways
2,491
£60,000
5 years
Salisbury & Co.
Sales
Date
Location
Vendor
Purchaser
Floorspace ft2
Capital value
Agent/s
May ’21
9 Pembroke Road, Sevenoaks
Yellow Tree Capital
Private
Devt. site with pp for 15,000ft2
Confidential
Salisbury & Co/SHW
Jun ’21
Custom House, The Terrace, Gravesend
Cannon Capital Developments
Mile Property Group Ltd
18,123
£1m
Caxtons
Nov ’20
Wises Oast Business Centre, Sittingbourne
Private
Janta Fashions Ltd
7,300
£950,000
Sibley Pares
Jul ’21
13 Conqueror Court, Sittingbourne
Conqueror Property Partners Ltd
Lower Medway Internal Drainage Board
5,197
£1m
Harrisons
New office space is in the pipeline, including the new Ashford International Studios, which is under development next to the International Station, eventually providing 18,580m2 (200,000ft2) film studio complex, with 8,361m2 (90,000ft2) of business space in the Grade II Listed former engine sheds. Quinn Estates and U+I received planning consent for the former 5.1ha (12.6 acre) scheme in 2020. Terms are close to being agreed to commence works in 2022. Detailed technical designs are currently being produced.
Tunbridge Wells, which has also lost office stock to residential conversion, is the focus of a significant new urban commercial development on the edge of the city centre. In March, U+I received outline planning consent for the Kingstanding Business Park, Longfield Road, to provide 74,000m2 (796,529ft2) of employment space across flexible warehouse and office accommodation. The site is being marketed for sale at the time of writing.
Once again, the county saw relatively few investment sales in the town centre office market, reflecting both the shortage
of investment grade stock, but also wider investor caution. The largest transaction was Priory Court, St Johns Road, Dover, 6,8392 (73,617ft2) let to HMRC which sold to Elite Commercial REIT. Reflecting a broader trend, the county also saw a couple of owner occupier purchases, including the 1,282m2 (13,799ft2) Wharf House in Tonbridge which sold for £3m in July. The town also saw the sale of the 921m2 (9,909ft2) Fosse House, High Street, by Bradda Capital for 2.55m (NIY 7.24%) in January to Sakura Limited.
Town centre office market uncertainty has undoubtedly been a product of the pandemic and in this Kent is not alone, but the county has reasons to feel positive. Greater local working has the potential to boost demand, but the evidence suggests quality will become more important.
This is particularly the case if the county is to capitalise on the opportunity presented by the Thames Estuary Production Corridor which has a vision to develop a world-class hub
for cultural and creative production. While the sector has inevitably suffered during the pandemic it is identified
as a high growth sector for the next decade, with wider economic benefits for professional and business services firms. Inevitably, this will focus attention on whether the county’s office stock is fit for purpose over the longer term in an altered post pandemic business landscape.
Whitehall Place Business Centre, Gravesend.
Kent Property Market Report 2021 09
CREDIT: GRAVESHAM BOROUGH COUNCIL