Expanding retailers have had to rely on a ‘second-hand’ supply of units on retail and leisure parks across the UK because of the low levels of new development, according to research by Trevor Wood Associates in “The Definitive Guide to Retail & Leisure Parks 2016”.
The latest edition of the annual state of the market report revealed that in Yorkshire & Humberside less than eight per cent of retail warehousing space was vacant at the end of 2015. While this is the second highest level compared with other UK regions, showing the problem for retailers is less acute than that faced by other areas, it is a long way below the 14 per cent levels seen in the spring of 2009. The level compares with a rate of 6 per cent, the lowest level since the regional analysis began in 2006.
The national and regional research findings were unveiled to local property experts at a presentation on Tuesday 19 April in Leeds, hosted by JLL. Trevor Wood, senior partner of Trevor Wood Associates, said: “We studied over 1,500 retail and leisure parks and major retail warehouse developments across the UK, with detailed historic information for every one of the 15,600 retail warehouse units in the country. In Yorkshire & Humberside, we looked at all 151 sites including 89 retail parks. Since last year’s review, a small number of new sites have opened, such as Kirkstall Bridge Shopping Park in Leeds.”
Nationally, much of the vacant space became available due to disposals, relocations and downsizing by established companies such as B & Q, Homebase and PC World. Also administrations and Company Voluntary Arrangements (CVAs) with financially struggling tenants freed up units allowing others to expand, although the failure rate reduced during 2015 and the first two months of 2016, lessening this source of available space.
Each year, national rankings compiled by Trevor Wood Associates are treated as league tables for the sector and studied closely by the property industry. They highlight the relative size of schemes allowing easy comparisons to be made.
In Yorkshire & Humberside, the highest position was achieved by Leeds Dock, which is the second largest leisure scheme in Britain and the biggest outside London.
Two retails parks in the region made the national Top 10 ranking with Clifton Moor Centre in York listed at number three and Parkgate Shopping in Rotherham recognised in fifth place. In the national Top Retail Warehouse Clusters, Monks Cross in Huntington, York made the top 10 and Parkgate in Rotherham was listed at number 11.
In the top Retail & Leisure Parks list, Drakehouse Retail Park in Waterthorpe, Sheffield was in 10th place while Vangarde Shopping Park in Huntington, York was the 10th largest shopping park in the country.
Despite some reduction in space, the report highlighted the strong position of DIY warehouse B&Q. Not only is it the largest tenant on retail parks in Yorkshire & Humberside, but also it remains the undoubted leader nationally, retaining its top position for the 10th consecutive year.
Trevor Wood added: “Vacancy rates in Yorkshire & Humberside are lower than previous years and the number of Retail & Leisure Parks in the various top 10 rankings show the wide choice and top quality attractions available.”
The Definitive Guide to Retail & Leisure Parks 2016 contains 368 pages of information. It features reviews and detailed listings, not only of those schemes currently trading, but also those proposed to open by 2022.
