Overview: Chertsey, a historic town in Surrey, is set for significant revitalization led by residential sector development and town centre regeneration.
Key Points:
- Town Centre Enhancement:
- Runnymede council’s 2030 Local Plan focuses on urban regeneration and public realm improvements.
- Grants are provided for businesses to restore and improve shop fronts.
- Residential Sector:
- Property investors are repurposing vacant office buildings into residential units.
- This meets housing needs and maintains asset value.
- Stable residential demand and house prices, with an average of £428,590 in 2023.
- Office Market:
- Chertsey aims to attract office occupiers back, especially SMEs, due to competitive rental rates.
- Rents for Grade A and B office spaces are £25 to £28 per square foot.
- Existing and new developments, like Hillswood Business Park, show positive movement.
- Industrial Market:
- High demand for industrial units with immediate lettings upon availability.
- Chertsey Industrial Park on Fordwater Trading Estate nearly fully let, with only three units remaining.
- Recent lettings include a 10,000 sq ft unit to Brooklands Automotive.
- Second-hand industrial units achieve rents over £16 per square foot.
- Future Investments:
- Further investment needed in leisure and retail to support residential growth.
- Refurbishment of existing industrial units is crucial to meet modern demands.
Conclusion: Chertsey is experiencing a period of reuse and reinvestment, aimed at revitalizing property assets and the town centre. This strategic focus is expected to enhance the town’s appeal and support its economic revival.
