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
1050	955	875	545	Cambridge	115	105	95	60	-
600	575	475	420	Peterborough	58	55	45	40	-
590	550	455	430	Ipswich	65	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	-
	1050	1100	1100	Hemel Hempstead		97	92	92	-
1000	900	850	850	Chelmsford	95	80	75	75	-
1400	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
425	375	325	300	Lincoln	53	47	42	40
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	725	620	550	Leicester	66	63	56	54
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

600	500	450	450	Birkenhead	60	50	45	45	-
550	390	375	325	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
650	470	430	350	North Tyneside	67	47	45	35	-
516	425	385	325	Cramlington	47	40	35	35	-
750	675	575	575	Team Valley	64	55	48	54	-
460	460	475	450	Middlesbrough	45	45	40	38	-
500	410	315	300	Durham	50	43	35	32	-

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	52	50	28
-	490	500	470	Manchester	-	53	50	48	-
535	500	450	440	Rochdale	55	50	47	45	25
550	550	500	475	Salford	60	56	45	45	25
700	600	550	475	Stockport	70	63	56	53	29
650	545	525	525	Blackburn	66	55	53	53	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
1000	700	680	400	Warrington***	80	60	55	55	-
525	480	460	440	Wigan	60	50	45	43	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
-	1550	1350	1150	Crawley	-	118	103	88	-
808	808	608	542	Eastbourne	85	85	64	57	-
865	755	705	635	Canterbury	80	70	65	60	-
890	760	695	610	Medway Towns	80	69	63	55	-
1270	1175	1000	765	Tunbridge Wells	108	100	85	65	-
1800	1550	1500	1400	Guildford/Egham	140	113	108	100	-
1695	1515	1430	1285	Epsom	140	125	100	90	-
950	850	725	700	Milton Keynes	90	80	65	63	-
1650	1500	1400	1200	Oxford	120	90	85	80	-
1785	1543	1470	1293	Reading	125	105	100	85	-
1250	1075	1000	925	Basingstoke	65	85	80	75	-
1125	1025	850	800	Portsmouth	98	87	82	77	-
1400	1150	950	900	Southampton	105	90	85	80	-
590	680	485	380	Isle of Wight	75	70	63	60	-

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
850	800	750	700	Poole/Ferndown/Verwood	90	80	70	65	-
750	650	550	450	Weymouth	75	68	60	50	-
850	800	750	685	Exeter	70	65	60	55	-
625	525	410	390	Barnstaple	60	50	40	35	-
700	590	530	410	Plymouth	60	50	45	35	-
845	600	450	420	Bodmin	65	48	38	35	-
700	650	600	550	Yeovil	65	62	55	50	-
775	725	675	650	Bath	80	75	65	60	-
850	800	750	700	Bristol	90	85	75	70	-
800	650	650	525	Gloucester	80	75	65	55	-
900	900	875	750	Swindon	80	75	65	55	-

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	-
380	340	330	290	Carmarthen	45	40	36	32	-
275	250	240	225	Merthyr Tydfil	35	28	28	30	-
575	550	525	475	Pontypridd	60	58	56	50	-
390	360	330	325	Swansea	43	38	35	35	-
535	460	365	340	Bangor	55	48	38	35	-
525	430	390	330	Newport	56	48	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	54	43	40	-
525	450	320	300	Wolverhampton	57	54	43	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	48	43	33	33
740	680	650	650	Leamington Spa	71	65	62	62	-
730	640	500	450	Redditch	80	70	55	50	-
575	490	425	400	Dudley	60	50	48	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
1000	775	675	675	Harrogate	90	70	60	60	-
825	775	725	625	York	80	70	60	55	-
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	63	50	47	38	-
550	525	500	500	Hull	65	54	45	40	-
650	600	550	500	Sheffield	65	60	55	50	-
700	675	650	650	Wakefield	66	65	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
1400	1335	1335	1220	Tower Hamlets	120	130	120	110	-
-	1150	1150	1150	Camden	-	115	115	115	-
-	1555	1333	1222	Islington	-	140	120	110	-
1200	1200	1050	1000	Greenwich/Charlton	100	110	100	90	-
1500	1200	1100	1000	Southwark	110	100	105	80	-
1200	1100	1050	-	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
1275	1080	1050	1100	Romford	102	92	90	90	-
1425	1325	1100	1060	Enfield (Lee Valley )	112	107	95	90	-
1350	1275	1080	1100	Waltham Forest	105	102	92	85	-
1800	1550	1500	1450	Ealing (Park Royal)	135	120	95	91	-
-	1450	1300	1300	Uxbridge & Hayes	-	110	85	85	-
1350	1225	1150	1175	Croydon	100	90	85	85	-
1450	1250	1000	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
1065	935	855	855	Hillington, Glasgow	80	70	64	64	-
430	400	400	360	Irvine	40	40	35	40	-
310	260	225	-	Dumfries	40	35	30	-	-
320	330	305	240	Falkirk	45	47	43	34	-
1065	935	735	665	Glasgow	80	70	55	50	-
950	800	500	500	Aberdeen	105	90	60	60	-
600	550	430	365	Inverness	72	66	52	72	-
975	875	725	675	Edinburgh	90	75	70	65	11
660	600	550	440	Motherwell/Cambernauld	60	55	50	40	-
415	400	375	330	Dundee	50	48	45	40	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	-
650	600	550	500	Dearne Valley, Doncaster	65	60	55	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 July 2006 for factories and warehouses of Type 3 together with regional averages.

Factories and warehouses minimum and maximum rental values by region