Retailer’s £4 million warehouse purchase in Peterborough was a deal highlight of the year
Fashion retailer Yours Clothing’s £4 million purchase of a new warehouse in Peterborough was one of the region’s key commercial property deals last year.
The company, which specialises in plus size fashions for women and men, bought a 142,000 sq ft warehouse, office and distribution centre at Newcombe House, Bakewell Road, Orton Southgate.
According to commercial agents Savills, of Peterborough, the deal was one of the highlights in a year that saw an 83 per cent drop in the take-up of industrial space of 100,000sqft plus.
Figures in Savills’ Big Shed briefing show the take-up of such industrial space came in at just 470,000sq ft.
Savills says the fall is due to a lack of supply in the region.
William Rose, director at Savills Peterborough, said: “At present take-up across the East of England is being thwarted by an acute lack of stock, yet we are aware of a number of occupiers who are interested in taking space in the region. There remains confidence in the market as proven with the number of smaller speculative units that came out of the ground in 2018.
“We are positive that further development announcements are soon to follow.”
The briefing also notes that activity for smaller units in the East of England remains strong.
It states Aberdeen Standard’s speculative development of eight units at Axis Park, in Manasty Road, Orton Southgate, has provided new lifeblood to the market and has already generated significant interest amongst potential occupiers.
Mr Rose said: “Currently the industrial market remains propped up by smaller scale transactions but we believe that this is likely to shift over the next couple of years as development activity resumes.
“Peterborough in particular has an excellent track record, as proven by four consecutive years of growth and the success of Newlands Gateway Peterborough scheme so it really is a case of not if but when.”