Uncertainty caused by Brexit and the COVID-19 pandemic has done little to slow transactions in the local commercial property market, according to one expert.
Matthew Bowen, director at Aitchison Raffety, said that the months since lockdown restrictions were loosened have been extremely busy, aside from a blip during the August holiday period.
“September has been one of the busiest months for commercial property that I can remember,” he said. “Last week we put six properties under offer and completed on three transactions. These were across all property types and sizes and it shows that south Herts is a strong and dynamic market.”
He added that there hadn’t been the feared “flood of properties” coming on, and rents and sale prices had remained stable - and in some cases had even increased.
“This is very encouraging as with new businesses being in the area it increases employment and further helps strengthen the economy. We can only hope it continues!”
One of the properties currently being marketed by Aitchison Raffety is 45 Grosvenor Road, one of St Albans’ largest office buildings.
Located on the corner of Grosvenor Road and London Road, it offers 61,180 sq ft of refurbished office space over four floors.
Matthew said: “This is great news for St Albans as not only does it provide office accommodation for companies relocating locally but it also allows companies moving out of London to benefit from easy access to the mainline train station and the motorway network.
“With strong interest already, we are confident that we will be able to let the space, as flexible size ranges from 4,700 sq ft to 62,180 sq ft are possible.”
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