Activity in the commercial property market has more than doubled in the Newry area in the last year according to a report by Best Property Services. The report which looked at the same period in 2012 (August – October) found that commercial transaction levels have risen by 60 per cent which Best says points to renewed confidence in property as an investment. Commercial Director Ciara Aiken said: “Following a quiet start to the year the last three months have seen a significant increase in activity mainly in the office sector. There has been a 60 per cent improvement in transactions compared to this period last year which is certainly buoyed up by the banks beginning to support investments in prime assets.” Ms Aiken said there was a strong demand for office properties and out of town commercial with four acres of industrial land at Greenbank Industrial Estate was agreed earlier this month and Industrial Units at Loughway Business Park, Newry and Milltown Industrial Estate Burren agreed earlier this month. In the office sector Best have completed sales of office units in the Old Gasworks Business Park Newry and agreed office lettings in both Monaghan Court and the Gasworks Business Park. There are also encouraging signs in retail sales/ lettings with the recent £30m sale of Tesco Newry cementing the city’s reputation as one of the biggest provincial shopping locations in Ireland attracting shoppers from both sides of the border. “Obviously the sale of Tesco Downshire Road Newry for £30m is a huge industry story and is a vote of confidence for Newry and the commercial property market. On a local level we have seen positive impacts with a number of recent retail/ letting in Loughway Business Park Mill St Newry, Bridge Street and Hill Street all of which had previously been on the market in excess of 12 months. In general terms the increased activity levels have encouraged commercial property owners/ landlords to approach us with new instructions so we are managing sales and lettings of an expanded commercial portfolio which is a very welcome development after a quiet start to the year for the sector,” Ms Aiken said.
5th November 2013