Over the last six months it has been noted within the office an increase in enquiry levels for commercial space in Penzance, is it the Premier Inn effect? or is it because of the lower capital and rental values compared with other coastal towns?
Premier Inn are due to commence works on The Barmwells Mill site to create a 61-bedroom hotel with a breakfast restaurant with an anticipated opening date of spring/summer 2019. A major investment into the town centre by a corporate occupier which can only lead to positive things for town.
Stratton Creber Commercial have already witnessed an increase in activity at the lower end of Market Jew Street, close to the proposed Premier Inn, with two freehold disposals completed in quick succession. No. 41 The Painted Bird as an investment sale, the other, No. 38 for the re development of the upper floors to residential and the ground floor to be utilised by an independent clothing retailer. Whilst across the road from the Bramwells Mill site, the former Dockside Trading premises was quickly placed under offer, off a quoting rental of £15,000 per annum, to an independent operator.
The resurgence of enquiries for commercial space is probably down to both factors. The Premier Inn development clearly provides confidence in the town now and for the future, whilst the lower values, compared with St Ives and Falmouth, provide value for money for business owners and investors alike.
Adam Beverley-Jones – BSc Rural Estate Man
Agency Surveyor, Stratton Creber Commercial, Truro. Tel 01872 261028