Over the last month, John Andrews of Doolittle & Dalley, reports that enquiry through their Commercial Department has continued to grow, resulting in the sale and lettings of a number of properties throughout the Wyre Forest area.

As was reported last month, confidence seems to be returning to the commercial property market and there is now clear evidence that there are small “one man bands” that have decided that their businesses are now of a size whereby they can no longer operate from home, but need premises in which to operate. This has resulted in the letting of a number of small shops and offices.

The sales of industrial property have also shown an increase and with Doolittle & Dalley about to be instructed with regard to the sale of several other industrial properties, then the outlook is looking promising as banks and other lending institutions seem to be more favourably disposed towards lending to companies who, despite the Recession, have managed to increase their market share. These companies now have healthy balance sheets, which enables them to grow their businesses further with bank support.

Investment property is still very much a favourable option for many investors. Shops with flats over seem popular investments for many. Private individuals are also looking to purchase flats and houses To Let as they see this as a good long term investment as opposed to other types of investment showing lower rates of return.

Whilst capital and rental values for commercial property in this area shows little sign of increase, then tenants will be attracted to the properties which are well situated and have been well maintained.

Larger retail shop units are still the most difficult sector and we are still seeing charity shops taking such properties, if only to save landlords the cost of non-domestic rates whilst the shops are empty.

Many of these shops have remained empty for a long time and despite incentives being offered by Wyre Forest District Council to get these shops occupied, levels of enquiry for larger town Centre shops are still very low.

It is hoped that 2013 will see a further improvement with business, and so long as this happens then commercial property will continue to be in demand but the recovery reported is still fragile and a drop in business confidence would affect the market.

Doolittle & Dalley are looking to replace properties which have recently been sold and let, with new properties and welcome any enquiries from prospective vendors/landlords.