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27 January 2012 11:59
COMMERCIAL PROPERTY
Community stores are a runaway success
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Lincolnshire Co-operative's Neighbourhood Shopping Centre at Skirbeck Road, Boston
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Strong demand for neighbourhood centre shop units is bucking the general trend in retail lettings.
While a snapshot of the UK’s High Street continues to reflect challenging times for shopkeepers, Lincoln chartered surveyors Banks Long & Co is enjoying phenomenal success in letting premises at the heart of bustling communities, completing a string of deals in Lincolnshire and Nottinghamshire. Banks Long & Co is confident that this buoyant sector of the market is also encouraging developers and investors to plan more projects to meet further pent-up demand.
Surveyor Matthew Brooks says, “We agreed tenancies for three units next to Lincolnshire Co-operative’s new neighbourhood store, which forms part of its £1.1 million complex in Skirbeck Road, Boston. These units attracted local, national and charitable retailers’ interest, in a range of sectors. Tenants Domino’s Pizza, Barnardo’s and expanding local fish-and-chips Love Fish were all attracted by the opportunity to move into brand new premises, next to a busy anchor store which is providing everyday essentials for local residents.”
Banks Long & Co has also let two units next to the Lincolnshire Co-operative store in Caistor to local fast-food operators, and five new units at Fernwood Park, Balderton, near Newark – a stone’s throw from the A1 – where Banks Long & Co has been acting for the landlords Albemarle 5.
Matthew Brooks says, “Local and regional businesses have quickly snapped-up the five remaining outlets next to the convenience retailer One Stop Stores, taking advantage of the fact that these are close to the village community centre, a children’s nursery and a school. A new high-end restaurant will open later in the year following the openings of a gym and an Indian Takeaway, within the next couple of weeks. In addition to excellent trading locations, neighbourhood units offer tenants a variety of space to suit their individual needs – typically from 500 sq ft to 1000 sq ft, at a highly-competitive rental of between £6,000 and £15,000 per annum.
“We are pleased to reveal that our client Lincolnshire Co-operative is continuing to offer more rental opportunities for businesses wishing to trade from neighbourhood units, with the release of three units next to its new store in Scotter."
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