Commercial property booming in Leicestershire
Commercial property is booming in Leicestershire as investment almost doubles to £629 million in a year, according to local property agency, Innes England.
Logistics deals have been a major driver of the trend, with one deal alone - the sale of Amazon’s 1m sq ft warehouse at Bardon to Savills IM - bringing in a whopping £161m.
Indeed the industrial sector has accounted for almost three-quarters of the total figure, at £480m. That’s up nearly three times on the previous year, thanks to a number of huge warehouse deals.
Leicestershire’s position at the heart of the logistics ‘golden triangle’ is a major factor for the trend, which has seen the sector in the wider East Midlands grow to be worth £2.29 billion in 2021.
As well as logistics, the retail industry has played a major role. Leicester’s Fosse Park redevelopment has been a huge draw for retail giants, with 140,000 sq. ft. of new retail space added. Brands including Next, TK Maxx and H&M have taken advantage, creating a truly enticing offer for shoppers.
It’s not just out-of-town retail parks that have benefited from the boom: footfall in Leicester city centre is up to 93% of pre-pandemic levels, with shoppers enjoying the return of non-essential retail after a long separation from their favourite high street stores and independent retailers. It seems Leicester’s retail sector is very resilient indeed!
Leicester Railways Station is due to undergo a major revamp, with £17m of the City Council’s £45m Levelling Up Fund allocation earmarked to dramatically improve the concourse and platforms. Meanwhile, investors have pumped a further £128.5 million into bed space across the student and housing sector.
The future looks very bright for investment in Leicester and Leicestershire’s commercial property sector. This is a key area of our local economy, and one that Team Leicester will be looking to promote heavily at MIPIM 2022. See you in Cannes!
Credit: Leicestershire Live