The storms which battered the South West in February may have left their mark on the region, but the commercial market has bounced back strongly a local agent reports.
The worst storms in living memory caused widespread flooding and damage to both residential and commercial property. It is estimated that 80,000 South West businesses were affected costing the local economy up to £20 million a day.
But Newton Abbot based commercial agency Charles Darrow say that the resultant spotlight on the region demonstrates its importance to the country and has presented a “big moment to market Devon and Cornwall.”
“While the storms have caused widespread disruption to businesses, the resulting media attention the region has received has not been a bad thing,” says Director Paul Heather.
Crucially the flooding has failed to deter commercial investment in Devon and Cornwall. In fact demand appears to have risen.
“If anything,” Paul continues, “the demand from buyers looking to buy a pub or a hotel in the South West has increased and many of our clients who operate leisure businesses experienced a good trading period over the half-term and are also anticipating good Easter Trade.”
This increase in demand in the region has been given added impetus by market conditions elsewhere persuading investors to look south west.
“Rising prices in London and the South East have forced people to look to the South West as a preferred location to buy a business or commercial investment property and the recent storms appear to have done little to deter them,” Paul explains.
Fellow director Jon Clyne believes that the outlook for the commercial property market in the region is more promising than at any time since the recession. He says that Devon and Cornwall is “a fantastically diverse area” with a lot to offer businesses and investors.
“The region has the added incentive that staff costs are also generally lower in the South West,” he adds.
The pair launched Charles Darrow in January having accumulated nearly 60 years of shared experience in the commercial property sector.
At the time Jon told the Express & Echo that the launch coincided with a brighter outlook for businesses and property owners, and that their expertise would help clients to secure beneficial results.
“We are confident we can offer a top class service and a completely open and honest approach to buying, letting and selling property,” he said.
Story: Neil Bird
Photo: Hec Tate (cc)
