Forward thinking local and new businesses planning future expansion in the Thetford area would be well advised to take advantage of this opportunity for business expansion. All this new development in the pipeline is being pushed forward by a £500 million innovation-led growth development fund from the District & Local councils. The stock of quality Grade II office premises in Thetford is somewhat limited; currently, the only available quality office space for sale is The Limes, Bridge Street, so in this location, it is ‘the early bird that catches the worm’. The quality of business premises is the very first impression and one which says so much about the business. The backbone of quality business is quality staff who prefer to align themselves with quality companies, appreciating the convenience of being in town.
‘The Limes’ is a prestigious Grade II listed Georgian office building of around 3,000 sq ft located a stone’s throw from Breckland Council’s new cinema and hotel complex ‘The Riverside’ on the outskirts of Thetford town centre. It is an excellent example of how to avoid directly competing against new build premises. The property boasts plenty of character but even more so now that the refurbishment has been completed to a high standard. Rather than adopt the generic magnolia walls and blue carpet tiles, this property has been revitalised with a colour scheme much more in keeping with the character of the property and one that complements the red brick exterior and attractive grounds. The lesson behind this example is that property owners should be conscious of how their approach to maintaining/refurbishing their property will impact on the potential to dispose of the premises in the future; more and more businesses are focusing on finding the right space that is ready to move rather than relying on a competitive deal based on the occupier carrying out their own refurbishments prior to occupation.
Assuming other commercial property owners follow suit when approaching refurbishments to keep up with the levels of new developments, it seems likely that Thetford as a whole could position itself well to be a key location in the ‘Cambridge Norwich Tech Corridor’ by providing good quality accommodation for both the residential and commercial sectors, which is a mix of new build and existing premises. The tech corridor will be a joint project between many local authorities across the region including Breckland District Council, Cambridgeshire County Council and Forest Heath District Council to name but a few, and is intended to “create over £500m of innovation-led growth, investment in infrastructure, housing and skills.” (Source: http://www.techcorridor.co.uk/)
Taking the proposed investment and developments mentioned above into account, it appears that Thetford could be a key logistical destination in the Eastern Region and it will be very interesting to see how the next 5-10 years influence the town and the surrounding areas. The prediction for the future of the area is one of prosperity and continued improvement that has been triggered by the completion of the A11 duelling back in 2014.
Barker Storey Matthews Bury St Edmunds office is currently marketing ‘The Limes’, mentioned above, for sale with the property well suited for owner occupation and providing arguably one of the best office spaces in the area. The refurbishment has been completed to an excellent standard, meaning it is well suited to accommodate a professional occupier for long term occupation. For further information about this property or other availability in the area please contact Simon Burton or Steven Mudd on 01284 702 655.