How Northampton is moving with the times

I am often asked an intriguing question by local residents and journalists – ‘why are you planning to build new offices when there are plenty of vacant buildings available?’

To those in the property and development industry, the answer will probably come as little surprise. However, it is a perfectly understandable query for someone to pose, especially in the current economic climate.

It is a common misconception that Northampton has an abundance of empty commercial properties. Whilst there are some, vacancy rates for industrial units and office space in the town tend to sit below the national average. There are several reasons for this, ranging from Northampton’s central location to its infrastructure links. Generally speaking, it is an attractive and conducive place to do business.

I can only assume that the grim spectre of a handful of empty buildings appears to sway public perception on this issue, which neatly brings me onto the main point. If a commercial property has been vacant for several months or even years, then there is usually a very sound reason. Naturally, there are a range of factors which can render a building unattractive to the market. Older buildings for instance, tend to be energy inefficient and expensive to run. Furthermore they can be inflexible spaces, without the multi-functional floor-plates required by today’s businesses, not to mention the ICT connectivity sought by technology-hungry firms.

As well as these practicalities, successful firms prioritise their brand image and reputation. If you’re a business looking for a new home, would you want to occupy a dated, tired and unattractive building? Is that the message you want to send to your customers, as well as your staff? To attract and retain high quality businesses in Northampton, we have to build the premises they need and deserve.

Fortunately, that is exactly what local partners are doing, as we aim to emulate quality additions to the skyline in recent years, such as Avon Cosmetics’ award winning headquarters. At St Peter’s Waterside, we have received strong interest from the market for a flagship 20,000 sqm office scheme. Not only does the site have great transport links and Enterprise Zone benefits, it is primed for development, with demolition works set to start shortly.

After building the iCon Innovation Centre in Daventry, we know that contemporary, elegant and sophisticated design saves money in the long-run. Eco-friendly features like enhanced insulation and passive ventilation, mean it uses an eighth of the energy of a standard commercial building. It also acts as a beacon for business, with the iCon over 70% occupied - well in excess of its target for this point in time.

In returning to the original point – we are building new offices because there is a latent demand for them. Northampton has a dearth of high quality office space, especially in its resurgent town centre. That is about to change.