Member Article

Cheshire East’s strong economy boosts demand for property

Most sectors of Cheshire East’s property market are expanding thanks to a buoyant small business sector and significant investments by major employers, according to the Cheshire East Commercial Property Review 2015.

The review’s launch was attended by about 100 agents, developers, landowners, chartered surveyors and planning consultants active in the commercial property market, who were keen to hear about the development opportunities available in Cheshire East.

The review reveals that take-up of industrial floorspace rose by 70% to 76,602 sq m in 2014, with transactions doubling compared with the prior year.

The largest deal was the letting by warehousing property specialist Prologis to Optima Logistics of a 17,229 sq m building warehouse at Midpoint 18 in Middlewich.

There were 45 office deals involving 22,300 sq m of space overall, with activity running 30% above the five-year average for the Borough.

All but two transactions involved less than 10,000 sq ft, reflecting the strength of the borough’s small and medium-sized enterprises.

Housebuilding was slightly up on the prior year, with 663 new dwellings built, 3,943 under construction, and planning permission granted for 5,395 homes on 42 sites.

Council Leader Councillor Michael Jones said: “This review shows that the property market has well and truly woken up to the strength of our economy.

“More and more industrial, retail, office and leisure occupiers, on whom the market depends for its livelihood, are finding that Cheshire East is a great place to do business.

“Cheshire East Council is setting out an ambitious plan to support the creation of more than 31,000 new, predominantly private sector jobs by 2030.

“This will mean greater skills, fewer people claiming benefits and less dependence on public sector employment.

This was posted in Bdaily's Members' News section by Sophia Taha .