Newry commercial sales 'up 80 per cent in a year' says Best
THE first quarter of the year was 'buoyant' for commercial property sales in the south Down area, with transactions up 80 per cent on last year and more than £1 million in property sold, according to Best Property Services.
It says lettings have performed much better than previous years, with industrial sector experiencing notable growth.
Commercial director Ciara Aiken said: “The surge is driven by lack of supply driving up interest and therefore yields – in the first quarter of the year we've negotiated over 80,000 sq ft of industrial property with values set to continue to rise.
“We've also noted a rising number of business owners indicating a willingness to buy land and design a purpose built unit/premises to their own specifications."
She added: “This approach can be hampered by available land and will obviously be longer processes so ‘ready to buy' is still the preferred option but with supply limited some businesses are open to the ‘buy and build' route who wouldn't previously have considered it.”
In other market sectors, office premises with parking is in premium demand while retail demand in Newry city remains steady.
"The valuations department is also busy with bank finance and funding more accessible than it has been in the previous 12 months," Ms Aiken added.