Strong growth for the year ahead

DESPITE a tough economic climate the Lincoln-based chartered surveyors, Hodgson Elkington LLP, say the strong growth in commercial transactions seen in 2011 will continue in the new year in the East Midlands.

Senior partner Mr Sam Elkington said: “Despite extremely tough times we have seen a very busy year which has brought forward a number of major projects for both the city of Lincoln and the county as a whole.

“We have also seen Hodgson Elkington spread its sphere of influence beyond the county boundaries with some significant commercial management instructions.

“It is our view that of the transactions that we have seen completed over the past year that Lincoln in particular and also Lincolnshire as a whole are gearing up for a very positive recovery period over the next 18 months to two years.

“The road improvements to the Lincoln Western Bypass once complete will be a good lead into the commencement of works on the Eastern Bypass which will continue the growth which the city has started to generate over the past 18 months.”

Hodgson Elkington has been the sole agents acting for developers Taylor Lindsey Limited in bringing forward the opening of Teal Park, a 90-acre Employment Park on the western boundary of the city.

Working closely with Lincolnshire County Council this will be the new home to the Siemens Gas Turbine Servicing Department.

Mr Elkington said that in excess of some £22m worth of highway improvement and servicing work was being invested in the immediate area, creating the East Midlands largest and most prestigious employment park to come to the market in the last five years.

Mr Robin Taylor, director of Taylor Lindsey Ltd, said he believed Teal Park would enable the city to attract major inward investment as well as provide opportunities for major employers to relocate to modern premises within the city boundary.

Discussions have already begun with other potential occupiers on site.

Hodgson Elkington, acting on behalf of the Lincolnshire Co-operative Limited, completed the redevelopment of the Birchwood Shopping Centre which comprised a £7m build programme.

The highlight was the comprehensive refurbishment of the existing Co-op Store to a 10,000sq ft retail unit and also the building of a new 9,000sqft retail store let to Poundstretcher along with other lettings on the centre.

Mr Elkington said: “This has significantly improved the retail offer in the Birchwood area.”

Mr Dan Race, a partner with Hodgson Elkington, reported good activity in the office market.

The main deal completed was the sale of a 10,000sq ft building at Edge West and the subsequent letting of the same building to John Greed Jewellery who are relocating their headquarters to Lincoln.

Hodgson Elkington has negotiated, subject to planning, a further 25,000sq ft headquarter office building on Edge West.

Lincoln College completed an 8,000sq ft letting on the Pelham Centre, adjacent to Pelham Bridge and Canwick Road, prior to Christmas.

Further deals within the city centre have seen the bringing forward of the regeneration of the High Street with partner Mr Tim Shaw concluding the lettings to Tesco and Equus on the Upper High Street and Clasketgate junction.

Mr Elkington said: “2012 looks like being an extremely busy year as it will see a number of significant local investments being brought to the market.”

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