Flude Property Consultants have just completed the sale of 94 High Street, Gosport which makes this the fourth sale in the last few months. Flude started 2022 with a number of vacancies and properties on the market in Gosport, but the high level of interest in the area and plans to repurpose existing retail space has encouraged lots of activity in the market.
108 High Street, which was occupied by Clarks shoe shop for over 30 years had closed. It was a larger retail unit which did not meet the requirements of many retailers today and was in need of refurbishing. Flude have sold to a developer who is looking to repurpose the building with plans for an HMO and will retain some retail space on the ground floor.
Similarly, the former Shoe Zone at No. 97 was sold to a developer who is also intending to reconfigure the upstairs space into residential. Prior to these sales, the units were vacant and not a great feature on the high street. However, following the planned works, both will hopefully add something to the town centre with new retailers and residents in occupation.
There has also been interest on the investment side with both No. 94 and No. 43-44 being sold. No. 94 is a mixed-use property comprising a shop (let to Vodafone) and flat above. The price agreed reflected a NIY of 7%. No. 43-44 was entirely let to Barclays and was sold for 9.2%. There was a limited term certain and potential to covert the uppers in time and subject to planning.
The occupational side has also shown resilience with the team letting both No. 117 and No. 124, which completed over the past month to a solicitor’s office and national charity shop respectively. The firm of solicitors were looking for a Class E space in a central location and took advantage of repurposing a vacant shop to suit their office needs. The charity shop has just signed and plans to open in the new year after their shop fit out.
Flude Graduate Surveyor, Alice Masterman, commented, “The level of interest has kept me busy and it has been good fun to get my teeth stuck into one area and build local knowledge. Each party that viewed had different ideas for each building and it has been interesting to hear creative ideas on how to revive a High Street”.
Despite people saying the High Street is dying, Flude have definitely seen their fair share of enquiries for Gosport. Local occupiers have still been attracted to the area and the ongoing activity shows there is still interest there. Hopefully it will encourage other vacant spaces to have a think about their marketing and what potential their property has and Flude can keep the momentum going in what has been a busy year for Gosport.
There is still one unit left near the ferry terminal on South Street and business space in the serviced offices at Gosport Business Centre.
