Quick let­ting is a sign of con­fi­dence

The Peterborough Evening Telegraph - - BUSINESS -

A new let­ting of com­mer­cial premises in Peter­bor­ough has taken less than a fort­night to com­plete.

Agents say the quick agree­ment is a sign of the in­tense com­pe­ti­tion to se­cure spe­cific types of prop­erty in Peter­bor­ough.

The let­ting of the premises in Lin­coln Road was com­pleted within 10 days of both par­ties’ so­lic­i­tors re­ceiv­ing ini­tial in­struc­tion. Ju­lian Welch, di­rec­tor of com­mer­cial agents Barker Storey Matthews in Peter­bor­ough, said: “That a new lease was se­cured for a new ten­ant in such a short timescale proves the lack of sup­ply of cer­tain types of prop­erty in Peter­bor­ough is lead­ing to a very com­pet­i­tive sit­u­a­tion when de­mand is present in the mar­ket.”

The lease for 10 years was agreed by a fu­neral care provider on a 1,161 sq ft prop­erty. The name of the ten­ant has not been re­leased. The new lease on the prop­erty was mar­keted at £13,500 per an­num. Mr Welch said the agreed rental level was con­fi­den­tial but was sub­stan­tially above the mar­ket­ing price. He said the speed with which both sides acted was tes­ta­ment to the pace of some parts of Peter­bor­ough’s com­mer­cial prop­erty mar­ket this sum­mer.

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