Newry commercial sales are up by 80% year on year

Commercial Director Ciara Aiken
Commercial Director Ciara Aiken

The first quarter of the year was buoyant according to Best Property Services Commercial team, with transactions up 80% on last year and over £1M in property sold.

Lettings have performed much better than previous years, with the industrial sector experiencing notable growth. Ciara Aiken Commercial Director explains: “The surge is driven by lack of supply driving up interest and therefore yields – in the first quarter of the year we’ve negotiated over 80,000 sq. ft. of industrial property with values set to continue to rise.

“We’ve also noted a rising number of business owners indicating a willingness to buy land and design a purpose built unit/premises to their own specifications.

“This approach can be hampered by available land and will obviously be longer processes so ‘ready to buy’ is still the preferred option but with supply limited some businesses are open to the ‘buy and build’ route who wouldn’t previously have considered it.”

Looking to the other market sectors office premises with parking is in premium demand while retail demand in the city remains steady. The valuations department is also busy with bank finance and funding more accessible than it has been in the previous 12 months, Ciara adds.