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Logistics market seeing oversupply of property

11th June 2009, Page 9
11th June 2009
Page 9
Page 9, 11th June 2009 — Logistics market seeing oversupply of property
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DECLINING OCCUPIER demand and an increase in available space have led to oversupply in some areas of the logistics property market, according to a leading firm of chartered surveyors.

Gerald Eve's Prime Logistics report for 2008/09 says the North-West, Yorkshire and the West Midlands have seen as much as 15 million square feet of second-hand space flood the market over the past year despite a virtual halt in new development.

Meanwhile, commercial property firm Lambert Smith Hampton is marketing a warehouse in Newcastle-underLyme currently occupied by Norbert Dentressangle to potential new clients.

Nick Ford, director and head of industrial agency at the firm's Birrningham office, says the 63,614ft2 Parkhouse Interchange site in Staffordshire is one of only two of its size in the vicinity, and will deliver -good quality, cost-effective space" to occupiers.

The road transport firm is winding down its operations at the site over the next three months.

Savills and North Rae Sanders are marketing Colossus in Penkridge, Staffordshire, which Wincanton had been using on its M&S contract. The 366,000ft2 building has racking space for 18,000 pallets.

• Wmcanton has reported a 1.2% fall in its underlying pre-tax profit to £41.3m for the period ending March 2009. However, underlying operating profit rose 13.5% to £59.5m from E52.4m.


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