Lettings and sales up by nearly 100% in year

Ian Archer, director of Aitchison Raffety
Ian Archer, director of Aitchison Raffety

A TOTAL of about 800,000 sq-ft of industrial commercial property has been let or sold in Hemel Hempstead in the last 12 months, according to an industry expert.

In addition, a plot of 1.7 acres and a plot of 1.2 acres, both on Boundary Way, have been sold to owner occupiers for them to construct buildings. A further plot of 1.42 acres is also now under offer.

The lettings and sales in 2011 compare to a total of 420,000 sq-ft let in 2010, nearly 100 per cent up on the previous year.

Ian Archer, pictured, a director of Hemel Hempstead and Berkhamsted-based Aitchison Raffety, said significant lettings this year have included the 460,000 sq-ft warehouse let to Amazon in Boundary Way and the 170,000 sq-ft G Park unit let to P&H Distribution.

Gyron also took Unit 150 Maylands Avenue, totalling 87,850 sq-ft. A number of other smaller lettings have also taken place.

Ian Archer said: “This leaves only approximately 520,000 sq-ft of available ‘built’ industrial units, although detailed planning consent exists for a further 300,000 sq-ft of industrial units to be built.”

There has been a surge in interest for 100,000 sq-ft warehouse units which may kick start some further development in 2012. However, significant development is unlikely without major pre-lets or sales in place due to the ongoing difficulty of obtaining finance.