Business Weekly - Cambridge, UK

He feels that the conclusion of several freehold deals in the last two weeks suggest that world events have not dented local confidence.

Halmshaw’s firm, DH Barford + Co, reports that the new development which has taken place recently is across the board - with new offices, industrial and R & D premises being built in each of the Ouse Valley towns.

The high levels of occupier confidence have resulted in speculative development occurring at a significant level for the first time for more than 10 years, says Halmshaw.

The letting of a 20,000 sq ft industrial unit at Hinchingbrooke Business park to Universal Writing Instruments plc typified the state of the market, he said.

A letting to TAG McLaren (45,000 sq ft) and a sale to Dhollandia Tail Lifts at Beaufort Park had also been concluded within the last 12 months.

Developer Churchmanor has also built new offices at nearby St Johns Park for Powermarque.

The emphasis in St Ives has been on offices, said Halmshaw. Development by Artisan has started on Clare Hall at St Ives Business Park comprising 15,000 sq ft.

One of the suites at Clare Hall is under offer and deals have been concluded on two of the blocks at Compass Point on the northern edge of the town to Ecoscope Ltd and Pepper Kitchens.

Barford’s has also completed the sale of a two-acre office site overlooking the sailing lake at St Ives Business Park to local developer Lexitron Ltd.

A planning application for two office buildings, each of around 20,000 sq ft, is to be submitted in the autumn.

In St Neots, Colmworth Business Park - another Artisan development - is witnessing construction of a speculative industrial unit of 20,000 sq ft following lettings of all the first phase units during the last 12 months.

Halmshaw said: “Clear patterns are emerging in terms of occupier demand. In addition to the organic growth of existing local companies, others are being attracted to Huntingdonshire from areas in and around Cambridge and also from the A1 corridor to the south of St Neots.

“Companies like Data Optics and PCT have acquired premises in St Neots due to the lack of availability of space in Sandy, Biggleswade and towns further south.

“Ecoscope’s move to St Ives from Cambridge and Universal Instruments to Huntingdon from Melbourn are further examples of companies moving into the area, attracted by the combination of price, availability and good accessibility.

“Property and land values remain very competitive compared with Cambridge and the Home Counties and despite the economic slowdown the future looks bright for the Huntingdon area.”