Shop vacancy rates in Hemel Hempstead town centre have declined by two thirds as investors take confidence from its on-going £30 million regeneration.
Just 6% of units were empty during July compared to the national average of 10.1% which was released this week (15 August) by Springboard.
The rate stood at 16.5% in October 2014 as Dacorum Borough Council’s Hemel Evolution transformation of the main shopping area began, showing a 64% overall reduction.
Portfolio Holder for Planning and Regeneration, Councillor Graham Sutton, commented: “Hemel Hempstead is proof that the British high street can bounce back if you create the right conditions for development. This news comes just as we’re preparing our entry for the Great British High Street Awards 2016 – and confirms that our Hemel Evolution regeneration is working.”
“We should all be very proud of Hemel Hempstead. The transformation of the main shopping area, the new modern bus interchange, the Jellicoe Water Gardens restoration, The Forum, our new shared services hub and not forgetting our beautifully preserved Old Town – it’s all come together.”
The move towards a modern café culture-style town centre recently attracted Little Beans & Co play café, persuading owner Vicky Wareham to relocate: “We’ve moved to Hemel as there’s so much going on here now. It’s a great place to meet friends, let the kids have a play, do a bit of shopping and enjoy a coffee. Since the regeneration the town centre is really family friendly, so we fit in well.”
Large scale commercial operations as well as independents have spotted Hemel Hempstead’s potential. Capital & Regional real estate investment trust explained its recent acquisition of The Marlowes Shopping Centre and neighbouring properties for £53.8 million earlier this year: “Hemel Hempstead is a strong south east commuter town located just outside of the M25, which has recently benefited from significant investment from the local authority. The opportunity exists to reposition this asset and potentially consolidate it with other retail properties adjoining the scheme, as part of a regeneration of the wider town centre.”
The success of the Hemel Hempstead Business Ambassadors initiative also points to the town’s reversal of fortunes. Ambassador Place Manager Gary Stringer says: “Our members certainly find they have plenty to shout about. Locally-based companies from Bourne Leisure to Brasier Freeth, Hightown Housing Association to Henkel, are committed to promoting the opportunities it offers businesses, developers and institutions.
“We have Maylands Business Park, Jarman Square leisure destination and now also a flourishing town centre. Hemel is certainly the place to be.”
