Director of DTZ, Ken Bishop thinks that Royal Mail depot in Stockport is a very profitable estate as it has a 60,000 sq. ft. building spread over almost half an acre of land. The building can be remodeled according to the new owner’s fancy: it can either be repaired or torn down. Originally, the land was to have both office and a hotel.
Investors and developers also seem excited about the property, but the price for it is too high considering the current market situation. It is priced at £1.5m and currently the average rental rate in Stockport is estimated at £18.50/sq ft, which is however, less than the rents at Manchester city centre which are £28.50 more.
Bishop also said that right now Stockport town centre needs rent desk space requiring about a million sq. ft. of new land for offices, which might not be possible because of the fall in the rate of development. In the next ten years, the rate of development is expected to be less than what it had previously been and it is all due to the recent financial downfall.
BskyB has bought a 15 year lease on the 23,500 sq. ft. St. Peter’s Square project for a price of £18.50 per square foot. The project is being handled by BAM and once the work if finished; they hope to accommodate 550 workers there. This construction might also help in the commercial growth of the A6 corridor, according to the city council.
Stockport Property Catches the Eye of Investors and Developers
