Shropshire’s commercial property market remains buoyant

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

Mr Shaw said: “It was unknown 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 scarcity of properties available, which has stimulated considerable competition.

“We are now seeing more best and final offers invited than for a long time, with prices being achieved well in excess of the asking price."

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

Mr Shaw said: “It’s 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 flagship development at Stadium Point will provide a substantial mix of office, industrial and commercial properties to suit the specific requirements of occupiers.

"It will be a very significant development for the area providing in excess of 350,000 sq ft of opportunities and we anticipate strong interest from both local and national businesses wishing to expand in the area.

“The regeneration of Shrewsbury Flaxmill Maltings is more great news for the town, with the conversion and refurbishment of the Main Mill now nearing completion.

"The building will provide in excess of 28,000 sq ft of offices, with a large proportion of this space already under offer.”

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

TSR has been involved in handling 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 bids from both regional and national house builders reflecting the desirability of Shropshire as a location."

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

“The overall development which provides in excess of 170,000 sq ft at Vanguard is now fully let,” said Mr Shaw.

“We have also completed significant lettings nearby at Battlefield Enterprise Park, at both Shires House and Unit 13 Knights Way.”

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

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

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

He added: “Going forward, we are optimistic that the commercial property market will continue to flourish with many exciting opportunities to be explored in the coming months."