Monk & Partners have just completed negotiations for the acquisition of an industrial/warehouse unit off Broadley Park Rd Roborough on behalf of the Plymouth NHS Trust for storage use. Formerly occupied by City Link the building was built about 15/20 years ago and since acquired by local developers/investors Una Group. The building was sub-divided by the owners to provide three units and the NHS have taken the last remaining unit of 10,000 sqft on a new 6 year lease.
The market for similar size units in Plymouth in recent times has been extremely active with further requirements remaining unsatisfied and agent John Slade reports he has other similar sized units both under offer and on the drawing board for construction shortly all of which are expected to be snapped up.
Rentals too have seen a marked increase in the last 12 – 18 months from circa £6.50/sqft to £8 /sqft and in some cases higher for new stock. These are the rental levels that are needed in the current market to make them viable to build particularly with the ever increasing construction costs.