Press Release – 14/12/06 |
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SHREWSBURY RETAIL PROPERTY MARKET 2006 Pooks Commercial Property Consultants of Shrewsbury report a busy year in the retail sector with the completion of a number of successful lettings and sales proving again Shrewsbury's popularity as a retail destination. The 'big news' of the year was the sale of the town's three shopping centres as one lot by Dunedin Properties to EFM Assett Management who with a vigorous emphasis on new lettings rather than redevelopment have brought a number of retailers to the town. Retaining the Darwin Centre's enthusiastic management team, the new owners have continued Dunedin's support for Shrewsbury town centre as an important regional retail location. The county town's prime retail pitch, Pride Hill, continues to remain busy with 'Zone A' rents at about £130 per sq ft. With very short supply, few units have changed hands.
Demand for units in prominent secondary trading locations has been high, resulting in rental growth in these areas. This is reflected in the letting at around £51 Zone A of 6 High Street to the top end audio/visual goods retailer, Bang & Olufsen.
Wyle Cop continues to be one of the town's most successful secondary shopping pitches, with a number of lettings completed there this year. Number 6 Wyle Cop has been taken by jewellers, "Jewell", complementing the growing number of ladies' fashion outlets at the "top of the Cop". 45 Wyle Cop, now benefiting from an improved situation following the start of the St. Julian's Friars redevelopment, has been let to Stress Free Flooring. 53/54 Wyle Cop has been taken by Oakapple Furniture who also have an outlet in Nottingham and Pooks currently have 77a Wyle Cop under offer. Elsewhere in the town centre lettings have been successfully completed to a number of other niche and specialist retailers including Candleglass, who have opened a further outlet at 17 St. Mary's Street. Nearby, 12 Fish Street has been let to hairdressers, Salon Bliss and gentleman's formalwear hire business, Cravats, have moved into 15 Castle Gates. It is not only the town centre shops that are being taken up as the traditional suburban locations are also proving to be in demand, offering prominent locations at competitive rents. Hairdressers, Pulse, have taken 6a Frankwell, which forms part of the historic Fellmongers Hall and Conway Pharmacy have opened at 238 Monkmoor Road, providing a valuable local amenity to the residents of the Telford Estate area. Outside Shrewsbury, Pooks have also been active in Shropshire's other towns with a number of deals being agreed. Pooks have completed the sale of 17 Shropshire Street, Market Drayton, on behalf of Messrs Howe & Smith, to an owner occupier. Acting for the owner, Tim Vanes Opticians, Pooks have also arranged the sale of 6 Church Street, Shifnal, comprising a retail unit and flat over, with a leaseback of the shop to the opticians. Pooks have also let 42 New Street, Wellington to Shropshire County Council for use as a training centre for students employed in local salons. With the year drawing to an end, there is still considerable interest in currently available units, which bodes well for 2007, despite reports from some national retailers of difficult trading conditions across the country. For further information contact Steven Evans, Surveyor at Pooks Commercial Property Consultants – 01743 276633.
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Following completion of the letting, Pooks, acting as joint auctioneers with Allsops, sold the investment prior to auction. The sale was agreed in excess of the guide price of £650,000. This reflected a gross initial yield of about 6.2% which was fairly typical of well let secondary retail investments sold in the town this year. Elsewhere on High Street, Pooks have let no. 44 to national charity, Oxfam, and on behalf of the freeholders of 48 High Street, also dealt with the assignment of Chevron Clothing's lease to The Jewellery Stop.
Acting on behalf of the owners of The Market Hall block of property, a major pension fund, Pooks have completed a number of lettings this year with the shops being fully occupied for the first time in many years. 25 and 26 Shoplatch have been let to Sun City and Homesbury Estate Agents respectively. Further down, Domino's Pizza have moved into 22 Shoplatch. On the other side of the block, 25 Claremont Street has been let to national charity, Sue Ryder Care. Rents in this area are now approaching £40 per sq ft Zone A for the first time in many years.