Quick letting is a sign of confidence
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.