Region’s commercial property market getting back on its feet, says Weightmans property head
Deal volumes may not be as high as they have been in recent
years,...
...but the commercial property team at
law firm Weightmans has proved it is building on its recent success
with a wide range of deals completed during 2009 - and 2010 is
already looking busy for the team.
The latest work the team has completed is its
advisory role for Zincedge Properties, which has just completed the
first phase of refurbishment of its office building Sentinel House
in Eccles.
Clive Bleasdale, head of the firm’s commercial property team
said that this is typical of the work the team is seeing in recent
months: “Whilst multi-million pound deals and large development
schemes have hit difficulties, we have seen an increase in local
schemes reaching completion like Sentinel House.
“The completion of the first phase of Sentinel House just goes
to show that things are slowly starting to pick up and that certain
companies will succeed in the current market if they can prove that
they have a solid business model to make it work.”
2009 saw the team complete a number of deals that had been
rumbling on, some for over a year or so and others that had even
started pre-credit crunch. “The whole deals process in the North
West market has slowed considerably, but we are now seeing deals
actually reaching completion which is a positive sign,” he
says.
Public sector projects have been responsible for the much of the
team’s activity in 2009. “We have been busy on a range of public
sector work- in fact last year saw the team complete five separate
projects for various councils. These included work on the
Birkenhead town centre redevelopment and advising Liverpool City
Council on the Project Jennifer scheme,” Clive explains.
“I feel optimistic about the chances of the North West
commercial property market in the coming months. Developments
backed by public funding are likely to be particularly successful,
as the Hello Manchester scheme which offers newcomers to Manchester
city centre free desk space for the first year of their relocation
there is already demonstrating.
“More and more businesses are looking to take up new leases in
the North West, and there are definitely signs of movement which
will become more apparent as 2010 progresses.”