Pooks Commercial Property Consultants of Shrewsbury report a busy year in the retail property sector, proving again Shrewsbury’s popularity as a retail destination.
The county town’s prime retail pitch, Pride Hill, continues to remain busy with ‘Zone A’ rents at about £130 psf.
National retailers continue to be attracted to Shrewsbury with Phase 8 and White Stuff both taking premises on High Street and elsewhere Pooks have let 7 Claremont Street to Bodycare at a rent of £40,000 per annum exclusive (around £45 Zone A).
On behalf of the owners of the town’s three principal Shopping Centres (Pride Hill/Darwin/Riverside), Pooks have arranged a number of lettings including Stone Jewell (Pride Hill) and "The Waving Cat Shop" (Darwin Shopping Centre), with further units under offer at both the Pride Hill and Riverside Shopping Centres.
Acting on behalf of the owners of The Market Hall block of property, a major pension fund, Pooks have completed the letting of 2 Bellstone for use as the Armed Forces Careers office.
Wyle Cop continues to be one of the town’s most successful secondary shopping pitches particularly for ladies’ fashions and 9 Wyle Cop has been taken by ladies footwear retailer Top of The Cop. Further down, two local hairdressers have opened their own businesses trading as Uber Hair and Chic at 46 and 59 Wyle Cop respectively. Rents at the High Street end are now around £40-45 Zone A.
Elsewhere in the town centre, lettings have been successfully completed to a number of other niche and specialist retailers including Toot Sweets Confectionery Emporium, who have opened at 14 Butcher Row and established ladies fashion outlet, Wysteria Lane, have opened a second shop at 2 Grope Lane for the sale of interiors and homeware. Gallery Sca have opened at 3 St. Alkmond’s Place and Mortgage Port have taken 7 Bellstone.
It is not only the town centre shops that are doing well, the traditional suburban locations, in particular Frankwell, are also proving to be in demand, offering prominent locations at competitive rents. Pengwern Tile & Stone have taken 112 Frankwell and Pooks have nearby 127 Frankwell under offer. Frankwell’s appeal as a retail destination will be further enhanced in the New Year when the New Entertainment Venue, Theatre Severn, opens in Spring 2009. Elsewhere, 147a Whitchurch Road has been taken by Edoors Direct.
On the sales side, there are few opportunities to purchase town centre freehold premises with vacant possession and where these opportunities arise they continue to attract considerable interest from owner occupiers and investors alike. Pooks arranged the sale of 12 Castle comprising a ground floor shop with offices on the first floor at a price around £650,000 and similar premises have been sold for re-development on the fringes of the town centre including 36 Abbey Foregate and 72-74 Belle Vue Road. Pooks also have 8 Wyle Cop under offer, which comprises a ground floor shop with planning consent for residential use on the upper floors.
On the acquisitions side, Pooks were pleased to act on behalf of a local businessman who purchased former The Exchange Hotel, Bellstone and following a complete refurbishment re-opened as Morgans (lounge bar/restaurant/accommodation). The purchase price was in excess of £0.5 million.
In the surrounding villages, Pooks have also let Unit 1, 4 Alford Gardens, Myddle for use as The Village Store.
Having now said goodbye to 2008, there is still considerable interest in currently available units, which bodes well for 2008, despite the current challenging economic climate.
Credit to:
Steven Evans MRICS, Surveyor
26 Claremont Hill
Shrewsbury
SY1 1RE
01743 276633
Email: sre@pooks.co.uk
