Worksheet EC6: Commercial and industrial property needs

Sub-section 1: Supply of property Edit

Q1. How much land for development has been allocated in the Local Development Plan?

(Worksheets EN1; EN2; EN3 Q4; S2; S3 Q11; S5 Q8; S6 Q1,3 also refer to the built environment. Worksheets EN1 Q7, 14; EN3 Q4; S2; S5 Q10; T! Q3 also refer to development)

Almost all new developments are taking place at the Kings Hill Business Park that is being developed by “Liberty” a consortium of Kent County Council and an American developer.

Q 2. Floor space

a.What is the total amount of commercial and industrial floor space available?

b.Where is it?

c.How much of it has been built or let in the last three years?

The constraints of essentially a Medieval Town means very little new developments have taken place – with no totally new commercial properties developed for some considerable (>3) years

Q 3. How many premises suitable for new small businesses are there at affordable rents?

Look at the number of smaller premises and find out rent levels.

One room offices can be found if you try,

Q 4. How many premises are there that allow for ‘expansions’ or ‘grow on’ by existing local firms?

Generally, you will find shortages are more often in the space for expansion rather than for start up premises

West Malling is a small town with a limited amount of space and property

Sub-section 2: Demand for properties Edit

Q 5. Available floor space

a.How much available office or industrial floor space is vacant or on the market?

b.Where is it?

Only 2 offices have been empty. One above a shop in the High Street, the other at the end of the town

Q 6. What have been the trends in vacancy levels in industrial and commercial property?

Compare historical vacancy levels in properties of different ages and sizes.

No new commercial floor space has been built in the 3 years but major business developments at nearby Kings Hill (and some surrounding areas)

Q 7. What have been the trends in rental returns in recent years?

Compare historical data on commercial rents. Note that increased rents and yields denote greater demand for floor space.

Rents have increased marginally

Q 8. Future planned expansion

a.How many existing commercial and industrial businesses are there with commitments to expand?

b.Where are they located?

(Worksheets EN1 Q7, 14; EN3 Q4; S2; S5 Q10; T! Q3 also refer to development)

Little scope in West Malling for commercial development but major business park developments at nearby Kings Hill

Q 9. What economic development and funding initiatives are in place to assist the expansion of local firms and incoming firms?

There are economic development initiatives in place to assist incoming firms, not relevant to W Malling