£20k makeover to attract tenants

08/09/2010

A BUSINESS park in Hull is undergoing a makeover to try to attract new tenants in a competitive market.

The Lake Enterprise Park in Bergan Way is owned by national property agency Ashtenne, who are spending about £20,000 over the next 18 months to revamp the industrial units.

After about 5 years of improving market conditions and growing demand, the park reached full occupancy of its 38 units in 2007.

But the recession meant a number of tenants were forced to shut their business or downsize and leave the business park.

Things are now picking up again, but the business park still has nine empty units left.

Ashtenne has decided to give the Lake Enterprise Park a boost by carrying out a complete refurbishment. David Wassell, asset manager at Ashtenne, said: We decided it was looking a bit run-down.

“It’s quite an old estate, 30 or so years old, and it needed a bit of TLC.”

The past twelve months have seen about ten new tenants moving on to the estate, but during the same period, about eight have exited.

Dale Gooderham, surveyor at Garness Jones, which has overseen the lettings on the business park for the past ten years, said: “There has been quite a churn of tenants coming on and off the estate, but that is the nature of the beast really.”

Ashtenne and Garness Jones agreed a revamp would help occupancy levels as potential tenants were swayed by first appearances.

Mr. Wassell said in an increasingly image conscious world, the appearance and upkeep of industrial sites was becoming increasingly important for attracting new businesses.

He said: “We have always found in the past that first impressions are important.

“But I think it has become more so.

“If people visit somewhere that looks smart they think yeah, this is somewhere we want to be.”

The Lake Enterprise Park consists of four blocks and the refurbishment of the first building will start next month with a phased programme of work throughout 2011.

The park, with its units ranging from about 500 to 1,000sq ft, is mainly geared towards start-up and service businesses who do not require large premises.

It is one of six industrial estates owned by Ashtenne in Hull.

Link:

Garness Jones

www.garnessjones.co.uk