The property agency’s assertion follows the speedy conclusion of the sale of the freehold of a three storey office property at 172 Park Road in the city.
The freehold of the 1,455 sq ft premises – with Kenneally Property Services occupying the tenancy of the ground floor and the remaining two floors vacant – was launched to the market on 12 June (2017) and the sale was completed just 22 days later for 20 per cent above the marketing guide price.
While the new owner is a local property investor who intends to occupy the vacant two storeys as his own offices, Barker Storey Matthews confirms that of the eight offers for 172 Park Road, the seven unsuccessful bidders were interested in the potential for conversion to residential development use.
Julian Welch, Director, Barker Storey Matthews, sees this as a vote of confidence in the value of freehold investments in the Peterborough city centre office market. He says, “As an agency, we are handling a number of property disposals in the city centre.
“The level of serious and qualified interest in 172 Park Road and the speed with which the sale of the freehold proceeded indicates a certain appetite for freehold opportunities here.
“Property owners considering divestment of similar freehold interests in Peterborough would do well to capitalise on the current market conditions.”
For more information on commercial property disposals and acquisitions, contact Julian Welch, Barker Storey Matthews, tel 01733 897722 or see www.bsm.uk.com.