SHREWSBURY SHOP PROPERTY MARKET  2004

Pooks report a busy year for shops in Shrewsbury town centre, with improved demand for units of all sizes.  The number of empty shops around the town has dropped dramatically over the last 12 months, proving again Shrewsbury’s popularity as a retail destination.

After abortive lettings to two major supermarket chains a deal was arranged by Pooks on behalf of owners Threadneedle Property Managers at Mardol Head where Outdoor Group t/a Blacks took c 400 sq m (4,500 sq ft) . The asking rent was £75,000 pa. (pictured above)

Other lettings within the Market Hall complex were arranged to Subway, the international chain of sandwich outlets, Mail Boxes Etc. and Ocean View Limited (who market foreign properties) in Claremont Street and Shoplatch. Zone A rentals have gradually increased in this pitch to around  £35 psf. In nearby Bellstone local traders took numbers 3 and 5. This area is firmly established as 'Estate Agents Row' and  A2 users have continuing requirements for this street.

A 'landmark property' 13-18 Shoplatch, trading as Poundstretcher and totalling about 1200 sq m (13,000 sq ft) was acquired on behalf of clients who have since secured planning consent for conversion of the upper parts to flats, with the ground floor to be split as two shops. (pictured above)

An improving location is St Mary’s Street where 18 has been let to Ocacia, selling gifts and home furnishings, following the retirement of the previous occupier. 

Also in this part of the town, clients of Pooks have re-developed the ground floor of an office building at 20-22 St Mary’s Street to create three shop units which have been let to Vinegar Hill (gifts), Truant (clothing) and Callaghan Fine Paintings.  This very successful development has had the double benefit of connecting the retail area of Pride Hill/Castle Street to the shops in Dogpole, and also considerably improving the appearance and interest of this part of the town centre. (pictured above)

Pooks also acted on behalf of the Principality Building Society in their acquisition of new premises at 2 The Square, which they have refurbished and now occupy as their branch office. 

In Wyle Cop demand from local and niche retailers has continued with  a number of  new traders taking space in this picturesque street. Pooks completed a letting of number 84 to County Music Supplies, with the passing rent of £10,500 pa attracting a premium.

Beyond the town centre, Pooks arranged a letting of 122 Longden Coleham to Quisit, selling tableware, ceramics, etc. and at Frankwell, the attractive late C16 building at no.127 has been let to Elizabeth’s of Shrewsbury for the sale of ornamental home and garden features.

The prime trading pitch in Pride Hill, with Zone A rents at about £120 psf remains very busy and retailers have difficulty in securing space here. There is also a perceived shortage of medium -sized units (sales area 350-500  sq m). To address these problems, and to complete their ownership of the two covered centres Dunedin Property have recently announced plans for the vacant 'link' site between the Darwin and Pride Hill centres. This will provide about 9000 sq m of space , arranged over 5 floors and to include a new night club/leisure facility on the Raven Meadows frontage.

Looking to 2005 there is still a good demand for town centre shops in Shrewsbury, both to buy and to rent. However in common with national trends these are of increasing appeal to the fashions, gifts and services/food sector rather than, for example,  electrical goods. Shrewsbury lacks a town centre 'metro' supermarket and a second department store; hopefully the longer-term proposals for new development will address these requirements.

For further information contact Beryl Claytor at Pooks
01743 276633 or bc@pooks.co.uk