VOA - Publications - Property Market Report January 2005

The following tables indicate rental and capital values for five typical classes of industrial buildings. Where there is no entry the beacon type is not typical in the locality.

The first four types are assumed to be on an industrial estate, and let on FRI terms. They are of modern construction but not of high-tech design, and are heated by free standing heaters.

Values for Enterprise Zones refer to types 1-4 (where represented) within the Enterprise Zone.

Type 1

Small starter units, 25sq.m-75sq.m
Steel framed, concrete block or brick construction,
often built in terrace layout and let on weekly terms.

Type 2

Nursery units, 150sq.m-200sq.m
Steel framed on concrete base, concrete block or brickwork to 2 metres with metal PVC covered cladding above. Eaves height 3.75 to 4.5 metres with lined roof. Limited or no office content and common parking and loading areas.

Type 3

Industrial/warehouse units, circa 500sq.m
Steel framed on concrete base, concrete block or brickwork to 2 metres with metal PVC covered cladding above. Eaves height 4.3 metres to 5.5 metres with lined roof. 10% to 15% office content. Detached on own site with private parking and loading facilities.

Type 4

Industrial/warehouse units, circa 1,000sq.m
Steel framed on concrete base, concrete block or brickwork to 2 metres with metal PVC covered cladding above. Eaves height up to 7.6 metres with lined roof. 10% to 15% office content. Detached on own site with private parking and loading facilities.

Type 5

Converted ex-mill units
Ground floor unit converted from 19th century multifloor ex-mill or similar building of 4-5 storeys. Brick construction with tile or slate roof. Unit of circa 150sq.m with heating from central piped water system. Electric goods lift to upper floors and sprinklers to all levels. Tenant responsible for internal repairs and insurance. This type is only found in certain areas of the country.

East of England

Capital Values £/m2					Rental Values £/m2/ann
Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
1,050	955	860	545	Cambridge	115	105	95	60	-
550	525	450	420	Peterborough	55	53	43	40	-
575	525	425	400	Ipswich	60	55	50	45	-
525	445	420	365	Norwich	60	52	50	44	-
600	565	525	475	Bedford	73	63	58	53	-
750	660	640	600	Stevenage	95	83	78	73	-
680	600	520	500	Luton	78	70	58	55	-
-	1,050	1,100	1,100	Hemel Hempstead	-	97	92	92	-
950	900	800	750	Chelmsford	90	80	75	65	-
1,400	880	665	705	Colchester	125	80	60	64	-

East Midlands

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
400	350	300	275	Lincoln	50	45	40	38	-
450	390	340	300	Ashfield & Mansfield	50	44	40	38	-
675	600	485	430	Nottingham	68	60	50	48	20
680	640	520	400	Derby	75	69	64	48	-
725	675	600	550	Leicester	66	63	52	50	-
775	600	525	450	Northampton	85	65	55	50	-

Merseyside

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey

570	520	425	400	Birkenhead	63	55	45	42	-
440	310	295	260	Liverpool	63	44	42	37	-

North East

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
535	400	360	340	North Tyneside	67	50	45	36	-
425	350	315	270	Cramlington	47	40	35	30	-
625	550	477	465	Team Valley	63	55	48	47	-
375	375	400	375	Middlesbrough	45	45	40	38	-
410	340	260	240	Durham	45	40	31	27	-

North West

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
595	450	470	445	Bolton	63	58	48	48	28
-	475	500	470	Manchester	-	53	47	45	-
535	480	450	400	Rochdale	55	50	47	45	24
550	550	440	400	Salford	60	56	45	45	25
700	600	550	475	Stockport	70	63	56	53	29
650	545	520	500	Blackburn	66	55	50	50	25
540	425	360	315	Lancaster	60	47	40	35	20
625	550	520	520	Preston	66	60	55	55	-
550	480	475	320	Crewe/Congleton **	58	61	60	40	35
1,000	688	688	300	Warrington***	80	55	55	50	-
525	480	460	440	Wigan	60	50	43	41	25
625	490	320	285	Carlisle	70	55	45	40	-
650	550	500	450	Kendal	65	55	50	45	-

** Type 5 is based on Macclesfield. *** Values are based on modern types of unit built within the last two years
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South East

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
-	1,475	1,225	1,100	Crawley	-	115	100	85	-
750	750	560	500	Eastbourne	81	81	61	54	-
760	685	625	565	Canterbury	73	65	60	55	-
800	685	600	550	Medway Towns	80	69	60	55	-
1,270	1,175	940	685	Tunbridge Wells	108	100	85	65	-
1,750	1,500	1,450	1,350	Guildford/Egham	140	113	108	100	-
1,645	1,470	1,380	1,240	Epsom	140	125	100	90	-
950	850	725	700	Milton Keynes	90	80	65	63	-
1,650	1,500	1,400	1,200	Oxford	120	90	85	80	-
1,785	1,500	1,425	1,200	Reading	125	105	100	85	-
1,200	1,050	950	900	Basingstoke	65	83	80	75	-
1,075	1,000	810	745	Portsmouth	98	85	78	75	-
1,375	1,110	890	850	Southampton	105	90	85	78	-
585	575	480	375	Isle of Wight	70	68	60	55	-

South West

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
890	780	680	630	Poole/Ferndown/Verwood	85	75	65	60	-
650	565	480	390	Weymouth	75	65	55	45	-
795	745	695	645	Exeter	70	65	60	55	-
575	475	375	375	Barnstaple	60	50	40	35	-
660	550	495	385	Plymouth	60	50	45	35	-
780	520	420	390	Bodmin	65	45	35	33	-
700	650	570	450	Yeovil	65	62	55	50	-
700	660	570	540	Bath	76	72	62	57	-
750	700	630	610	Bristol	80	75	69	67	-
700	590	550	430	Gloucester	73	65	55	50	-
875	890	847	675	Swindon	75	76	72	58	-

Wales

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
700	700	675	625	Cardiff	65	62	58	55	-
345	310	275	245	Carmarthen	45	40	36	32	-
275	250	240	225	Merthyr Tydfil	35	28	28	30	-
545	525	510	455	Pontypridd	60	58	56	50	-
390	360	330	325	Swansea	43	38	35	35	-
505	410	335	312	Bangor	53	43	35	33	-
500	410	370	318	Newport	55	45	40	35	-
550	460	380	370	Wrexham (Deeside)	62	48	39	37	-

West Midlands

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
700	650	610	590	Birmingham	78	70	65	62	-
575	475	450	425	Coventry	60	50	48	45	-
525	410	300	290	Sandwell	57	48	40	39	-
525	450	320	300	Wolverhampton	55	48	40	40	-
770	650	550	500	Tamworth	75	62	55	50	-
520	430	370	320	Telford	60	50	46	40	-
650	450	370	320	Stoke-on-Trent	60	45	43	33	33
740	680	650	650	Leamington Spa	71	65	62	62	-
730	640	500	450	Redditch	80	70	55	50	-
575	525	425	370	Dudley	60	55	50	37	-

Yorkshire and the Humber

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
975	750	650	650	Harrogate	90	65	55	55	-
800	750	700	600	York	70	65	55	50	-
650	600	500	450	Bradford	65	60	53	48	-
650	600	550	500	Huddersfield	70	65	55	50	30
700	675	650	620	Leeds	70	65	55	55	-
650	600	550	500	Doncaster	65	60	55	50	-
550	500	450	450	Grimsby	62	50	47	37	-
550	525	500	500	Hull	65	54	45	40	-
650	600	550	500	Sheffield	65	60	55	50	-
700	630	600	580	Wakefield	66	64	60	50	-

Inner London

Type 125-75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi-
Type 125-75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	storey
1,200	1,000	1,000	1,000	Tower Hamlets	120	100	100	100	-
-	1,150	1,150	1,150	Camden	-	115	115	115	-
-	1,350	1,000	1,000	Islington	-	135	100	100	-
1,053	1,158	947	947	Greenwich/Charlton	100	110	90	90	-
1,110	1,000	1,000	900	Southwark	110	100	105	80	-
1,090	1,000	955	-	Hammersmith	120	110	105	-	-
no longer an active market for this type of property				Paddington	no longer an active market for this type of property

Outer London

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
1,275	1,080	1,050	1,000	Romford	102	92	85	85	-
1,425	1,325	1,100	1,060	Enfield (Lee Valley )	112	107	95	90	-
1,350	1,275	1,450	950	Waltham Forest	107	102	92	81	-
1,700	1,500	1,200	1,350	Ealing (Park Royal)	135	120	97	91	-
-	1,375	1,200	1,200	Uxbridge & Hayes	-	110	90	85	-
1,333	1,200	1,000	1,133	Croydon	100	90	85	85	-
1,450	1,250	1,145	825	Wandsworth & Merton	135	110	95	80	-

Scotland

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
1,000	875	750	750	Hillington, Glasgow	80	70	60	60	-
430	400	400	360	Irvine	40	40	35	40	-
310	260	225	-	Dumfries	40	35	30	-	-
285	320	305	240	Falkirk	40	45	43	34	-
940	810	675	540	Glasgow	75	65	54	43	-
950	800	500	500	Aberdeen	105	90	60	60	-
600	550	430	365	Inverness	72	66	52	72	-
975	875	675	550	Edinburgh	80	70	65	60	11
660	600	550	440	Motherwell/Cambernauld	60	55	50	40	-
400	370	330	290	Dundee	50	45	40	35	10

Northern Ireland

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
630	550	495	440	Greater Belfast area	57	50	45	40	30

Enterprise Zones

Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	LOCATION	Type 1 25- 75m²	Type 2 150- 200m²	Type 3 Circa 500m²	Type 4 Circa 1,000m²	Type 5 Multi- storey
-	-	895	810	East Durham	-	-	54	49	-
-	580	550	520	Holmewood, Derby	-	60	58	50	-
550	525	500	475	Dearne Valley, Doncaster	60	55	53	50	-
-	-	600	600	Sherwood Park, Junct 27 M1	-	-	55	55	-
-	-	925	845	Tyne Riverside, Newcastle	-	-	60	55	-

Factories and warehouses minimum and maximum rental values by region

The chart below shows District Valuers's opinions of the minimum and maximum rental values as at 1 January 2006 for factories and warehouses of Type 3 together with regional averages.

Factories and warehouses minimum and maximum rental values by region