Development News

Credit crunch could benefit St Ives developer

01-Dec-2008

The credit crunch and recession could benefit the successful Compass Point business park at St Ives, Cambridgeshire, according to developer Boden Properties.

“In times of economic growth we get enquiries from expanding companies wanting high quality office space,” said Paul Burnett, director of sales and marketing at Boden. “Now, though, we are getting enquires from companies that are looking to reduce the size of office space.

“It seems that some businesses which are able to vacate older, less desirable, premises as their leases come to an end are looking to move to smarter offices. They may be shedding staff in the move – or may already have made people redundant – and see the relocation as a way of emphasising the reorganisation and striving to increase the efficiency of the business.

“Companies say that they see a move into better working conditions as something which can help lift the morale of staff and also demonstrates that the company is still investing in the future.”

Compass Point occupies a prominent position on the outskirts of the town, looking out over open countryside. It has been built around a natural lake and offers facilities such as a nursery for the children of staff working there.

There are currently only two units available of 1,949 ft and 1,879 ft each, with comfort cooling, raised floor access, tea point and nine dedicated parking spaces each.

Paul Burnett added: “The recession is clearly bad news for some parts of the property market. However, developers with high quality units willing to accept realistic rents or sale prices are in a far better position than landlords with older and less attractive properties.”