More shed stock needed – Shortland Horne
West Midlands commercial property expert David Penn is warning that a lack of building stock is posing a threat to recovery in the industry. Penn, managing director of Shortland Horne Commercial, told the Birmingham Post that there was a shortage of houses, industrial properties and offices, and that this would stifle recovery.
Penn is calling on the government to end the limbo existing within the planning system, in order to get the construction industry moving again and boost the stock of new residential and commercial property. He said enquiry levels were recovering for industrial properties and noted there were many Coventry-based firms performing well – but virtually no new supply of shed-type stock.
“We believe the only industrial or warehouse building currently under construction in Coventry is the new Royal Mail depot near Toll Bar Island, where further land is being prepared for development,” he added.
“Enquiries and activity are encouraging and so the window of opportunity for tenants and buyers to secure available deals may be closing – and if take-up continues at current levels seen so far this year, the region could have only one year’s stock available at the start of 2011,” Penn noted. He advised developers not to completely discount speculative projects on small to medium-sized sheds, of which there had been none built so far this year.
