Newspaper article The Journal (Newcastle, England)

Interesting Time Ahead after End of Empty Property Relief; an Altered Regulatory Regime Is Set to Change the Way Industrial Property Is Handled. Keith Stewart Looks Forward to the New Era

Newspaper article The Journal (Newcastle, England)

Interesting Time Ahead after End of Empty Property Relief; an Altered Regulatory Regime Is Set to Change the Way Industrial Property Is Handled. Keith Stewart Looks Forward to the New Era

Article excerpt

Byline: Keith Stewart

THE forthcoming months in the industrial sector are bound to be interesting now that empty property rate relief is over.

The market may even start to see softer deals being offered in order for property owners to rid themselves of that liability.

In addition, land values and build costs are still high and with the changes in legislation, including energy performance certificates due later in the year, it may become more difficult for developers in the future to speculatively build-out new schemes without first securing a letting or a sale.

New current developments, however, are attracting lots of interest and this is evident at schemes that Naylors are currently involved with - for example, City & Northern's development at Simonside, South Shields. Here phase one is now fully let or sold and phase two, due to complete in May, is 60% either let or sold.

Elsewhere, UK Land's Eastern Avenue Trade Park scheme and Buildings for Business's Queens Court developments on Team Valley are also receiving a good deal of interest. …

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