JESSOP PARK SET FOR FURTHER GROWTH CREATING OVER 50 JOBS
Newark’s Jessop Park will shortly see completion of phase 2.
Following the successful completion of the first 9 light industrial units in 2020 by CF Properties, the development located off Jessop Close, will more than double with an additional 14 premises due for completion Summer 2022, all of which have been sold off-plan. In addition to this, additional stock at Jessop Park will be created in early 2023.
The new light industrial units are to be finished to a high standard with each unit internally providing an open plan workshop with kitchenette, disabled WC facilities, and allocated parking.
The popularity of this type of multifunctional workspace with parking has significantly increased over recent years due to a number of factors:
· There has been an explosion in the need for warehousing and distribution depots due to the growth of online business, especially for premises located next to major road networks.
· A buoyant economy, relatively low interest rates and willingness of banks to lend at present are making it more economical for businesses to buy rather than rent.
· Small Business rate relief on industrial units reduces exposure and encourages businesses to take on additional space.
In the short term the development benefits the local economy by providing local jobs during the construction phase, with the longer-term benefit is seeing new businesses coming to the area, national businesses are seeing excellent opportunities to house regional depots and small businesses are placing their roots down in Nottinghamshire. It’s a great story for the growth of the local economy which looks set to continue with pace in 2022.
Lewis Cove of Banks Long and Co said “We are delighted by the response received for the new Jessop Park development. We identified a shortfall of supply in the market for this type of product locally, and as a result we can significantly support the local economy by attracting new business to the area and provide expansion opportunities for those already based here.”
Newark, which includes Overfield Park and the nearby St Modwen Park, located in Witham St Hughs, have been at the centre of this growth in demand, introducing a significant amount of industrial and warehousing space. Largely this success has been due to Newark’s excellent transport links, with immediate proximity to the A1, A46 and A17.
Lewis Cove went on to say “Phase 3 and 4 Jessop Park will commence in 2023. Given the demand and popularity of Phase 2, we would expect to get the same positive response for the new phases and that they will sell just as quickly.”