Will the Colman’s news affect property prices in Norwich?
When you think of Norwich a few things immediately come to mind. There’s the football team, with their bright yellow and green kit, Delia Smith, Alan Partridge and, most iconic of all, Colman’s mustard. For more than two centuries, the yellow mustard brand has been associated closely with the city. But sadly, this link will break at the end of 2019. That’s because brand owners, Unilever, have decided to move production to Burton-on-Trent.
The news follows a similar move by Britvic to stop making Robinson’s juice at the factory it shares with Unilever. This was thought to have had serious implications for Colman’s, with Unilever saying: ‘Following Britvic’s decision to close its Norwich factory on our shared site… we have announced the outcome of a review of our manufacturing at the site. The review concluded that the proposals announced today represent the best long-term solution for Unilever, while protecting the link between Colman’s and Norwich.’
This is, without doubt, a very sad day for Norwich, but what does it mean for the wider city, and specifically, property in the area? The union Unite said that they were ‘urging Unilever to look again at its business case for closure’, and added that ‘we still don’t believe that closure is the only option for the dedicated workforce.’
So, it looks clear that the move is likely to have an impact on the employment situation in the city. It’s not clear yet how many jobs will be lost, but any action in this area will have far-ranging consequences across the city. This, in turn, will affect rental prices, which can ripple out across the wider property market. This will probably lead to a reduction in property prices.
However, it is important to remember that this is only one piece of bad news in what has otherwise been a very good couple of years for the city. This includes news about the expansion of the university and business parks, city centre redevelopment and improved transport infrastructure.
So, overall, the future of the city’s property market is still looking very rosy. It’s a real shame that one of Norwich’s most iconic brands has decided to move, but there’s still plenty more to get excited about. Get in touch with our team at Agile and we’ll be happy to talk you through it.
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