Confidence in Retail and Office market during Pandemic

Whilst many areas with the property market have been affected with the lack of transactions being carried out and the ability to conduct business as usual. Monk & Partners Commercial team are delighted to be able to show positive signs of market confidence in the early easing of restrictions and opening of the property market.

Our ability to work remotely has enabled us to conclude transactions at arm’s length which have resulted in the lettings of two office suites and a high street retail unit.

Negotiations for the premises were all agreed pre-lockdown with the tenants in each instance planning on completing before restrictions came into force. However, patience and confidence have come to bear as the new occupants have all now completed their respective transactions.

The first of these was unit 2 St Teresa House, Beaumont Rd, Plymouth being a 600 sq ft shop beneath a student block currently being refurbished. The tenants intend opening shortly to provide a ‘Warhammer’ gaming venue and associated retail sales.

In addition there were two separate office lettings at Derriford Business Park and 3 The Crescent.

Acting on behalf of Plymouth City Council we secured a letting of an office suite of 875sq ft to Leadership for Life for a term of 3 years.

No. 3 The Crescent owned by a private pension comprised a self-contained first floor office suite of circa 900 sq ft and involved the negotiation of surrender on the first floor lease by Bartons Solictors who have relocated to their head office. New tenants were found immediately and have taken on the premises  with a simultaneous re-letting of the suite to Michael Batt Foundation for a term of 7 years.

John Slade of Monk & Partners comments, these letting prove there is still plenty of confidence in the market going forward as we have other premises of a similar nature where we are in discussions for new leases.

We believe the pandemic has enabled business owners time to reflect on their current and future requirements for business space and we anticipate further increases with activity.

During the pandemic we are pleased to report that enquiries have continued to flow for lettings and purchases for a range of requirements in the retail, industrial and office sectors. There remains a shortage of suitable stock in the market that matches some our retained clients demands.

However, we are close to fulfilling demand with the exciting opportunities coming forward to the market in Sherford and interested parties should contact our team to register interest.