FHP’s Darran Severn looks at retail conditions in Derby:
It’s no secret that Derby’s High Street has somewhat suffered in previous years and a lack of investment has forced major retailers elsewhere. Over the last year we have started to notice that certain key areas of Derby are beginning to show signs of improvement attracting a mixture of new businesses. Although rental levels are steady, enquiries are on the up and there is demand for property between 500 and 2,000 sq ft.
The St Peters Quarter is home to Derby’s traditional High Street, which over recent years has somewhat declined in popularity. We have seen national occupiers take space at Intu Derby, leaving former prime areas with a supply of vacant properties. That aside, over the last six months we have taken an increased number of enquiries from local and regional companies seeking space on the “High Street”. Typically, enquiries are varied and we have spoken to a full spectrum of businesses such as boutiques, fashion retailers, furniture retailers, ice cream parlours, café’s and nail salons to name a few. Recent lettings to Subway, LaVanta Foods, and Rose Nail show the diversity of new businesses to the area.
In comparison, the historic Cathedral Quarter is becoming ever increasingly popular and offers a very unique setting. Sadler Gate, situated in the centre of this Quarter is proving very popular drawing both high end independent and national retailers such as Canopy and White Stuff. In addition, there is an excellent mixture of new bars and restaurants. We have recently completed two lettings to the very popular Brooklyn Social and the new Annie’s Bar and Grill, both of which chose the Cathedral Quarter out of preference, plus Turtle Bay to the Wardwick, adds to the mix of Las Iguanas and Prezzo who opened here last year.
A recent increase in enquiries has in turn led to new lettings and stock levels are beginning to fall. We envisage a continued demand from local start-up businesses together with a growing interest from regional and national companies. As the Cathedral Quarter continues to bolster its bar/restaurant offering we should see fewer vacant units and rents beginning to rise. The St Peters Quarter continues to have a high void rate but recent signs of life are encouraging. Until key sites such as Duckworth Square and the former Assembly Rooms are addressed the future of Derby City Centre will remain uncertain.
