The size of a development at Jessop Close in Newark will more than double with an additional 14 light industrial units due for completion this summer, 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 have been created by CF properties and marketed by Banks Long & Co, and have grown significantly in popularity in recent years because of factors including the upturn in demand for warehousing resulting from inctreased online shopping; a buoyant economy; and small business rate relief.
In the short term the development benefits the local economy by providing local jobs during construction, with the longer-term benefit is seeing new businesses coming to the area, and national businesses are seeing excellent opportunities to house regional depots and small businesses in the area.
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.
Mr Cove added: “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.”
