Farnham looks to quality

News

05 June 1993

Farnham suffers from a lack of quality, headquarters-style space, which means big-name occupiers have tended to steer clear. Apart from Wey Court, the 20,000-sq ft scheme completed by Blue Circle four years ago, office supply is concentrated in courtyard schemes close to the town centre.

Chris Lock of Wadham & Isherwood describes Wey Court as “a blot on Farnham’s landscape”. The building has never been occupied despite a letting to British Telecom. BT is expected to operate a break clause in March next year and the building is being marketed by DTZ Debenham Thorpe.

Opposite this is Gostrey House which has 15,500 sq ft arranged in suites from 1,600-3,500 sq ft, completed by Whitecroft Developments 18 months ago. The second floor is fully let at rents of about £15 per sq ft. Joint letting agents Dunlop Heywood and Wadham & Isherwood are now quoting £12.50 per sq ft.

At St Georges, a courtyard scheme of nine buildings in Castle Street, 1,400 sq ft was recently let on a five-year lease at £12.50 per sq ft. The deal included three months rent-free.

Lock says that, over a two-year period, eight units have been let, although several are now back on the market.

ICI wants to assign its 1,100-sq ft unit, but is unlikely to find a taker at the passing rent of £25 per sq ft. “Rents are now £12.50 to £14 per sq ft tops,” says Lock.

Restrictive planning policies have contributed to Farnham’s dearth of offices. The town has only one out-of-town scheme – Farnham Business Park. Despite its location on the A31, the scheme has been slow to let.

Healey & Baker and Pilgrim Miller are quoting between £10 and £12.50 per sq ft, with six months rent-free.

The strategy appears to be working: Earth Observation Sciences was lured into 9,000 sq ft and Meredith reports strong interest in a further 11,500 sq ft.

In the town centre, PosTel’s Lion and Lamb shopping development is getting back on its feet. “Last year the scheme suffered from voids, although there have never been more than three shops vacant at any one time,” says Lock, joint agent with H&B.

Recent lettings include 1,200 sq ft to Jaeger at £40 zone A, with six months rent free, and 1,000 sq ft to Country Casuals also at £40.

The 24-unit scheme, anchored by Safeway, has tended to attract specialist fashion retailers.

Sainsbury’s, which is building a 70,000-sq ft superstore on the Farnham trading estate, close to the proposed relief road, has been quick to react to the possible advantages of the new route.

With limited new space on the market and few opportunities for development, the office sector is lagging behind. Unless this changes, Farnham will be hard pushed to attract major companies, even with the opening of the relief road in three years’ time.

Located at the southern end of the Blackwater Valley, Farnham has been considered too remote to take off as an important office centre. However, with the advent of the new relief road, which should open in 1996, the town will be embraced by the M3 corridor. Farnham suffers from a lack of quality, headquarters-style space, which means big-name occupiers have tended to steer clear. Apart from Wey Court, the 20,000-sq ft scheme completed by Blue Circle four years ago, office supply is concentrated in courtyard schemes close to the town centre. Chris Lock of Wadham & Isherwood describes Wey Court as “a blot on Farnham’s landscape”. The building has never been occupied despite a letting to British Telecom. BT is expected to operate a break clause in March next year and the building is being marketed by DTZ Debenham Thorpe. Opposite this is Gostrey House which has 15,500 sq ft arranged in suites from 1,600-3,500 sq ft, completed by Whitecroft Developments 18 months ago. The second floor is fully let at rents of about £15 per sq ft. Joint letting agents Dunlop Heywood and Wadham & Isherwood are now quoting £12.50 per sq ft. At St Georges, a courtyard scheme of nine buildings in Castle Street, 1,400 sq ft was recently let on a five-year lease at £12.50 per sq ft. The deal included three months rent-free. Lock says that, over a two-year period, eight units have been let, although several are now back on the market. ICI wants to assign its 1,100-sq ft unit, but is unlikely to find a taker at the passing rent of £25 per sq ft. “Rents are now £12.50 to £14 per sq ft tops,” says Lock. Restrictive planning policies have contributed to Farnham’s dearth of offices. The town has only one out-of-town scheme – Farnham Business Park. Despite its location on the A31, the scheme has been slow to let. Healey & Baker and Pilgrim Miller are quoting between £10 and £12.50 per sq ft, with six months rent-free. The strategy appears to be working: Earth Observation Sciences was lured into 9,000 sq ft and Meredith reports strong interest in a further 11,500 sq ft. In the town centre, PosTel’s Lion and Lamb shopping development is getting back on its feet. “Last year the scheme suffered from voids, although there have never been more than three shops vacant at any one time,” says Lock, joint agent with H&B. Recent lettings include 1,200 sq ft to Jaeger at £40 zone A, with six months rent free, and 1,000 sq ft to Country Casuals also at £40. The 24-unit scheme, anchored by Safeway, has tended to attract specialist fashion retailers. Sainsbury’s, which is building a 70,000-sq ft superstore on the Farnham trading estate, close to the proposed relief road, has been quick to react to the possible advantages of the new route. With limited new space on the market and few opportunities for development, the office sector is lagging behind. Unless this changes, Farnham will be hard pushed to attract major companies, even with the opening of the relief road in three years’ time.