Confidence is returning to Yorkshire’s property market

Richard Heslop, director of the Ilkley-based consultancy DE Commercial, has brokered five new transactions during the past few weeks.

The deals are spread across the investment, office, industrial and retail sectors in West Yorkshire.

Mr Heslop said: “There is no doubt that the coronavirus pandemic has created huge challenges for the commercial property market across the UK this year. It would be foolish to suggest otherwise.

“However, I believe that there are definite signs that confidence is returning to the region’s property market and momentum is picking up as the lockdown eases.

“There is clearly a way to go before everything returns to normal, but the paralysis that some predicted is not happening.”

He said the group has seen a marked upturn in enquiries for warehouse/industrial land and property, with confidence from developers to acquire sites stemming from low levels of interest rates.

“The surge in on-line shopping during the pandemic has stimulated the demand for distribution warehouses, especially those close to Yorkshire’s excellent motorway network, and we expect this to continue,” he added.

“Inevitably, this is having a knock-on effect on high street retailers, but recent deals we have brokered in both Ilkley and Otley suggest that there is an appetite for quality independent shops in Yorkshire’s popular and distinctive market towns.”

The latest deals concluded by DE Commercial include the Leeds Road garage and MOT station in Otley, comprising 10,000 sq ft of buildings on a 0.25 acre site in a prominent location on east side of Otley.

They also include 74 Main Street Addingham, near Ilkley. This was a retail property in a prime location in the middle of a much sought-after village.

Mr Heslop said: “On top of these deals, we have also let a retail unit in Otley and offices in Ilkley.

“It’s been a busy time for us and we remain optimistic that the commercial property market in Yorkshire will remain resilient in the face of the challenges posed by the global pandemic.”

DE Commercial was founded by Mr Heslop in 2018, when the residential arm of property consultancy Dale Eddison was bought by Linley & Simpson.