Strong demand for neighbourhood centre shop units is bucking the general trend in retail lettings, it is claimed.
Whilst a snapshot of the UK’s High Street continues to reflect challenging times for shopkeepers, Lincoln chartered surveyors Banks Long & Co is enjoying phenomenal success in letting premises at the heart of bustling communities.
Today the agency announced it has completed a string of deals in Lincolnshire and Nottinghamshire.
Banks Long & Co is confident that this buoyant sector of the market is also encouraging developers and investors to plan more projects to meet further pent-up demand.
Surveyor Matthew Brooks said: “We agreed tenancies for three units next to Lincolnshire Co-operative’s new neighbourhood store, which forms part of its £1.1 million complex in Skirbeck Road, Boston. These units attracted local, national and charitable retailers’ interest, in a range of sectors.
“Tenants Domino’s Pizza, Barnardo’s and expanding local fish-and-chips Love Fish, were all attracted by the opportunity to move into brand new premises, next to a busy anchor store which is providing everyday essentials for local residents.”
Banks Long & Co has also let two units next to the Lincolnshire Co-operative store in Caistor to local fast-food operators, and 5 new units at Fernwood Park, Balderton, near Newark – a stone’s throw from the A1 – where Banks Long & Co has been acting for the landlords Albemarle 5.
“Local and regional businesses have quickly snapped-up the five remaining outlets next to the convenience retailer One Stop Stores, taking advantage of the fact that these are close to the village community centre, a children’s nursery and a school. A new high-end restaurant will open later in the year following the openings of a gym and an Indian Takeaway, within the next couple of weeks.
“In addition to excellent trading locations, neighbourhood units offer tenants a variety of space to suit their individual needs – typically from 500 sq ft to 1,000
sq ft, at a highly-competitive rental of between £6,000 and £15,000 per annum,” added Mr Brooks.
“We are pleased to reveal that our client Lincolnshire Co-operative is continuing to offer more rental opportunities for businesses wishing to trade from neighbourhood
units, with the release of three units next to its new store in Scotter,” added Mr Brooks.
