The firm has noted that demand has been particularly high for retail, office, and industrial premises across the region as well as completions in office and hospitality space, providing a strong start to the calendar year, a positive end to the financial year, and an indication of heightened activity in the North East.
Senior surveyor at Bradley Hall’s Newcastle office, Nicholas Bramwell said: “With a strong uplift in commercial enquiries across numerous platforms, which come from general email enquiries, advertising boards, website listings, and social media posts, it is clear from the statistics that enthusiasm in these areas of commercial property is particularly high in the North East.
“In Q1 alone we have completed many prominent new office deals, including Gilbridge Police Station in Sunderland where our managing director, Neil Hart, led the acquisition on behalf of Hanro. The modern and innovative office development that will be renamed The Yard, and will be let by Bradley Hall upon completion.
“Similarly, we have had a great deal of success with units at the Watermark in Gateshead, and South Acomb Business Park in Stocksfield in recent months. Not only does this demonstrate that office space is in high demand after a slight dip due to working from home during the pandemic, it also displays that this demand is not isolated and is occurring all over the North East actively, which we are confident will continue.”
Group managing director Neil Hart commented on the hospitality market, noting that the firm has also experienced a great deal of business from this sector during the first quarter of 2022. He said: “We are delighted to have continued our support of The Inn Collection Group through more acquisitions, including that of St George’s Hotel, The Glenridding, and Ambleside Lakehouse & Regent Hotel. We are proud to support a firm which is dedicated to acquiring, developing, and providing outstanding venues, and continues to meet the demand of the market. It is brilliant to see that the hospitality sector in particular is bouncing back after Covid, with socialising in local bars and restaurants picking up again, and staycations continuing in popularity.”
Bradley Hall recently announced continued commercial success at the annual EG Awards, a competition based solely on numerical data and deals completed. Senior surveyor, Nicholas Bramwell, has been named overall Dealmaker of the Year for the fourth year running; Bradley Hall came top of the regional leader boards for both County Durham and Northumberland, and the firm also topped the regional retail leader board.
Bradley Hall also placed in the top ten on the Hotels & Leisure national leader board, and in the top five for the industrial regional leader board.
Helen Wall, senior surveyor at Bradley Hall’s Sunderland’s office commented that, “We have witnessed ongoing demand from the industrial sector. Further there has also been a real appetite for Class E premises from local covenants.
“As a result of high demand from the industrial sector, there has also been a real appetite for Class E premises from local covenants, specifically for units beneath the rates threshold, both in the city centre and out of town retail parades.
“Confidence in the city of Sunderland remains high which is underpinned by ongoing investment from the Riverside Masterplan in addition to the £80m leisure development and further transformation in our city including the new Sunderland Station. I can’t wait to see what the next quarter will bring for the area.”
Bradley Hall’s associate director, Joseph l’Anson commented on the commercial market from the first quarter of 2022 from Bradley Hall Durham: “Throughout Q1 we have experienced a buoyant market with an extensive number of properties under offer, showing very promising signs for the rest of the year.
“With eight lettings, four sales, one being worth £8M, 22 properties currently with solicitors, and a further nine sales agreed and instructed solicitors in the last two weeks, it is looking like 2022 will be a very strong year for the commercial property market.”
Similarly, Angus Todd, director of Bradley Hall Alnwick said: “Appetite for industrial property remains strong from both investors and occupiers throughout Northumberland.
“We started Q1 of 2022 with the sale of a 50,000 sq ft industrial unit in Alnwick to a national investor showing a great deal of confidence in the market, and in the North East when in search of good quality accommodation.
“Popular market town high streets similarly continue to attract small business where units remain at affordable levels and the leisure industry across Northumberland appears to be bouncing back after the Covid-19 pandemic.
“Overall, Northumberland is providing a bountiful market and continue to support growing demand for commercial property throughout the region.”
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