The massive Wharfside shopping centre in Penzance is further evidence of a resurgence in retail. Work is well advanced on the scheme which will be anchored by tenants such as Littlewoods, Iceland and Argos.
In Truro, 4, 5 and 6 Pydar Street are on the market. Huge interest has been shown in the prime shops, which has resulted in a best-bid situation The asking rent for the whole property, which totals around 500 sq m (5,400 sq ft), is £195,000 a year.
If the asking rentals are achieved, this will lead to considerable increase in rental values in the city, with Zone A rates rising to more than £100.
Turning to offices, a recent key deal involved the 1,100 sq m (12,000 sq ft) Haven House in Truro, which was initially placed on the market for more than £1m. Occupied by Truro College, the site was originally let to BT at a rental of £115,000 a year. It is now owned by the college, which accepted a surrender of BT's principal leasehold interest.
Another significant Truro office development is Courtleigh House in Lemon Street. The £250,000 refurbishment works have finished and only a quarter of the original 1,115 sq m (12,000 sq ft) is available.
Perhaps the year's most exciting proposal is for a leisure complex on land adjacent to South Crofty.
In many ways, Cornwall's industrial future depends on grant aid. The county's application to the European Union for objective 1 status, if approved, will release £500m into the local economy for infrastructure works.
In essence, this should mean that many industrial sites are brought on line – fully serviced and available. This, coupled with English Partnerships' speculative developments (such as those at Indian Queen's, Roche and Longrock in Penzance as part of its 'Factories First' initiative), should create a range of industrial stock available for inspection by businesses that may be considering a relocation to the county.
The English Partnerships' schemes will probably be let before completion and will go for rents of around £38/sq m (£3.50/sq ft).
Nick Seaton-Burridge, Partner, Scott Burridge Chick