Commercial property

Shropshire’s commercial property market remains buoyant

Toby Shaw, Partner at Towler Shaw Roberts

Toby Shaw, partner at Towler Shaw Roberts, said the county’s market remains very vibrant, with deals being struck across all sectors.

Mr Shaw said: “It was unclear how the commercial property market would react to a global pandemic, but here in Shropshire the market has held up particularly well with strong demand across the board.

“There is a general shortage of available properties, which has stimulated considerable competition.

“We are now seeing more best and final bids invited than in a long time, with prices being achieved well above the asking price.”

TSR, which has offices in Shrewsbury, Telford and Wolverhampton, has been involved in a number of high-profile transactions, including the sale of a 28-acre site adjacent to the stadium of Shrewsbury Town Football Club, part of Shrewsbury South urban extension to Oteley Road.

Mr Shaw said: ‘It has been sold to Morris Property and the site will be a major commercial development for the town, providing many exciting opportunities and attracting inward investment.

“This landmark development at Stadium Point will provide a substantial mix of office, industrial and commercial properties to meet the specific needs of occupants.

“This will be a very significant development for the area, offering over 350,000 square feet of opportunity and we anticipate strong interest from local and national businesses looking to expand into the area.

“The regeneration of Shrewsbury Flaxmill Maltings is another great news for the town, with the conversion and refurbishment of the main mill now nearing completion.

“The building will offer over 28,000 square feet of office space, with much of this space already on offer.”

Residential land sales continue to prove extremely popular given the strong demand for housing in the county.

TSR have been involved in managing the sales of a number of prime residential opportunities in Shrewsbury, Market Drayton and other areas.

Mr Shaw said: ‘In many cases these sites have stimulated a number of strong offers from regional and national homebuilders reflecting the attractiveness of Shropshire as a location.’

Shrewsbury’s Vanguard Park, established as one of the region’s most successful business parks, continues to lead the way in the local industrial market and is now fully occupied.

“The overall development that provides more than 170,000 square feet to Vanguard is now fully leased,” Shaw said.

“We’ve also had significant rentals near Battlefield Enterprise Park, both at Shires House and Unit 13 Knights Way.”

It added both retail – with a number of new businesses being attracted to Shrewsbury – and the local office market continuing to produce good levels of activity.

He said: “Despite initial concerns that it could suffer from people working from home during the pandemic, the gradual return of people to the office environment means it has held up well.

“We have been successful in attracting new tenants to Shrewsbury Business Park and Abbey Lawns, with a number of rentals also completed in Telford and further afield.”

He added: “Going forward, we are optimistic that the commercial property market will continue to thrive with many exciting opportunities to explore in the months ahead. »