“Beacon for Northern Powerhouse”: Warrington Shines in Annual Property Report
Warrington has once again proven itself a thriving business location for companies of all sizes.
The findings of the 2019 Warrington Annual Property Review, which is now in its 21st year, were revealed at the Park Royal Hotel in Warrington in March, attended by UBC’s Sales & Marketing Director Jane Erasmus.
The report finds that Cheshire and Warrington now boasts a £30.9bn economy, with every person in Cheshire and Warrington producing goods and services worth an average of £33,384 per year. This is almost 40% higher than the North West average and more than 21% higher than the UK average.
During the event, Cllr Russ Bowden from Warrington Borough Council and Steve Park, Managing Director of Warrington & Co., discussed the town’s economy.
Cllr Bowden noted that Warrington’s economy “continues to boom” and consistently outperforms the rest of the region, along with much of the UK.
Steve Park of Warrington & Co. noted that in addition to its fantastic location and connectivity, what sets Warrington apart from other cities is its “can do attitude and self-confidence”.
He added that Warrington has become renowned across the UK “for offering an excellent investment experience” and this message is being broadcast not just by the local Council but more importantly by the investors themselves, and “resonated by the statistics presented here.”
Specifically, the report finds:
- Since 1998, over 500,000 sq metres of office space has been taken up by occupiers, which includes UBC’s lease of Rutherford House at Birchwood.
- Total investment spend in Warrington this year reached above £2 billion since the inception of the Warrington Annual Property Review.
- 26 investment deals, comprising a total spend of £140.2 million, completed in 2018. The total number of deals is well above the average per year across the last 21 years.
- The total amount of office space taken up in 2018 marked a 10,000 sq metres increase on the previous year, with a much-improved average deal size.
The report shows an increase in large 10-year lease deals, which suggests that Warrington is continuing to attract large firms looking to settle for the long term.
However, UBC’s own long-term investment in Warrington - which began in 2008 and most recently involved leasing space at Rutherford House in Birchwood at the end of 2014 - enables small firms and startups to rent serviced office suites under shorter and more flexible agreements, which is helping to make Warrington a more inclusive place for businesses of all shapes and sizes.
Birchwood Park, which is part of the Cheshire Science Corridor and is located adjacent to Rutherford House, has become a magnet for high-growth firms after it became part of an Enterprise Zone.
While this tends to attract medium and large firms keen to take advantage of benefits such as business rates relief, it also presents plenty of opportunities for collaboration with smaller businesses utilising serviced offices in the area.
Professor Steven Broomhead, Chair of Warrington & Co. noted that despite the political backdrop and ongoing uncertainty of Brexit, the report finds that Warrington’s economy “continues to prove itself strong, thriving and resilient as this year’s statistics once again show.”
“A strong level of activity marked last year’s 20th anniversary of the Warrington Annual Property Review, and this year saw nothing but improvement as Warrington continues to cater to the growing demand of the commercial property market across all sectors.
“Needless to say our Property Review findings echo a raft of recent independent statistics that show the Warrington economy continuing to shine regionally and nationally. We are the beacon for the Northern Powerhouse.”