Wanted - new office accommodation in Redditch as demand skyrocketsMarch 2022
Owner occupiers, investors and large regional businesses are competing for office space in Redditch which saw the largest average deal size in Worcestershire in 2021.
The investment market is particularly strong, as demonstrated by the recent sale by GJS Dillon of a detached modern three storey office building in Redditch. 1 Paper Mill Drive is a mile east of the town centre and was sold to a private investor for a guide price of £950,000. Measuring 12,885 sq ft, it is based on a large site extending to 1.95 acres.
A shortage of modern office accommodation in Redditch has led to increased demand among owner occupiers and large regional businesses who also want to be close to Birmingham and the M42.
Andrew Lewis, GJS Dillon’s Commercial Agency Director said ‘This particular property offered the investor plenty of value-add opportunities including re-letting, change of use and full redevelopment. As highlighted in our recently published Worcestershire Commercial Property Market Report, the average sales rate in Redditch during 2021 surpassed £150 per sq ft. So if you own freehold commercial property in Redditch there really is no better time to sell’
GJS Dillon’s Worcestershire Commercial Property Market Report 2022 can be found here https://www.gjsdillon.co.uk/marketreport/Return to News