AFFORDABLE BUSINESS SPACE

Though city centre office rental levels have risen relative to Preston and Kendal, they still represent excellent value. Type 3 office rentals in Lancaster increased from £70 to £85 per square metre per annum between 2001 and 2004, compared to a rise from £90 to £95 in Preston.

Compared to the conurbations of Manchester, Liverpool and Leeds, Lancaster city-area offers excellent value for both office and industrial sectors.

Industrial and warehouse land values (July 2005)

City/town

• Lancaster: From £200,000 per ha rising to £400,000
• Manchester: From £350,000 per ha rising to £550,000
• Preston: From £400,000 per ha rising to £500,000
• Warrington: From £250,000 per ha rising to £425,000
• South Leeds: From £400,000 per ha rising to £650,000

Valuation Office Agency (HM Revenues and Customs) Land value

	Northwest - Prime rental levels as at December 2005
			Prime Office (£psf)
	Lancaster		10.00
	Carlisle		12.00
	Preston		10.00
	Blackburn		13.00
	Bolton		13.50
	Chester		14.00
	Manchester		27.50
	Liverpool		17.50

Capital values - Lancaster
Nursery unit 150-200 m²
Typical capital value £425m²

Industrial/warehouse unit 500 m²
Typical capital value £360m²

Industrial/warehouse unit 1,000 m²
Typical capital value £315m²