Sold signs have been going up on properties around the region as business success stories have driven demand for bigger premises.
Garness Jones have been in the thick of the action, selling hundreds of thousands of square feet of space and demonstrating their ability to support all parties through some complicated deals.
Dave Garness, Managing Director of the firm, said: “There has been a real rush of activity in recent months, with the completion of acquisitions in a range of business sectors then triggering further activity.
All the moves have been the result of businesses doing well, expanding into bigger premises or relocating into the Hull area in readiness for further growth. One result of that is that demand has now eased, and we are looking for new sites in readiness for the next wave of activity.
Garness Jones acted in the move by Actavo to a site at Tickton, near Beverley, in 2016 and were involved again as the Ireland-based engineering solutions company expanded recently to a 120,000-square foot site in Freightliner Road, Hull.
The firm had already assisted the previous occupiers, Kingston Modular, with their move to premises of 35,000 square feet in Stockholm Road at Sutton Fields Industrial Estate. Kingston Modular’s neighbours at Sutton Fields, Humberside Engineering Training Association (HETA), are now preparing to relocate to Dansom Lane South after Garness Jones assisted with the acquisition of around 50,000 square feet for a new headquarters and training centre.
A potential snag over access to the site was overcome as a result of the strong relationship between Garness Jones and the vendor, and the awareness of the needs of all parties also helped ensure a smooth transaction with a site at Leads Road, Hull, which covers 5.3 acres including 73,000 square feet of buildings.
Bayram Timber decided against renewing their lease at the site, opting instead to move to their other premises at Melton. Their sub-tenant, Yorkshire Timber, has now acquired the entire site for its own operations. Garness Jones is now acting for Yorkshire Timber to dispose of its premises of 50,000 square feet in the Wincolmlee area, having sold a property in Lockwood Street and made progress with negotiations over the second site in Oxford Street.
Dave Garness said: “We also acted in the purchase by Newland Express Transport of a building of 35,000 square feet at Wiltshire Road in Hull. These are all significant deals in their own right and collectively they send a signal that businesses in the area are thriving and are investing in supporting and securing their future needs.
“With HETA’s move to Dansom Lane South we spent some time wrestling over the access. With the original plan it was shared, which created difficulties for a business which needed dedicated and secure access for their young learners. We resolved the issue by also offering the building next door, which HETA were able to use as part of their expansion. It demonstrates our ability to look after the needs of all the parties in a single project.
The situation now is that there are very few large industrial sites and buildings available, and whilst there is not a vast number of enquiries from companies who want to take the space there is very little supply. But these completions show that we have the market knowledge and we can advise people on what sites offer in terms of space and value.