of the street Y


side


ou do not have to travel far from London’s bustling West End to find some of the most recession- hit high streets in the country. All across Greater London,


shop vacancies are rife, with charity shops, payday loan outlets and cheap takeaways filling the


gaps. The number of pawnbrokers in Greater London almost doubled between 2010 and 2012, and there was a 13.1% rise in the number of bookmakers, according to the Local Data Company. Experian says Greater London has the


highest proportion of retail outlets categorised as high to maximum risk in the country. It ranks 28% of Greater London’s shops as being at maximum risk, well above the national average of 21% and, despite the prosperity of the West End, the capital’s proportion of the least risky retail businesses is only slightly above the national average – 20%, compared with 19%.


THE CROSSRAIL EFFECT


“Crossrail is going to have a massive impact on the way people see accessibility. It will change the mindset of travellers and the best hubs will follow from that concept,” says Peter Courtney of Lunson Mitchenall. Crossrail will provide a new east-


west link across London by 2018, with new stations at Paddington, Tottenham Court Road, Bond Street, Farringdon, Liverpool Street, Whitechapel and Canary Wharf. There will be five stations in the borough of Ealing alone. Those locations with a Crossrail


station are expected to see a surge in residential and commercial development


London’s immense catchment, relative


wealth and tourist draw have allowed a select few retail centres to prosper unaffected by the recession (see panels). The West End leads, with the biggest


potential customer spend in the UK, according to Experian. Westfield London (White City) ranks sixth, ahead of Leeds and Nottingham, while Westfield Stratford, in its second year of trading, is in 11th place. There are two main factors driving the


Greater London retail sector, according to industry experts: catchment wealth and the pull of the West End and the Westfield malls. Now a third is expected to enter the mix: Crossrail. Wealthy districts, such as Kingston-


upon-Thames and Wandsworth, have performed strongly throughout the recession, helped in part by being relatively remote from the West End or either of the two Westfield schemes. Prime in-town rents in Kingston rose from


and GVA Grimley says land prices in these areas are rising fast. British Land is one developer with an


eye on Crossrail. In February, it acquired the 300,000 sq ft Ealing Broadway Shopping Centre from Wereldhave. The shopping centre had come under pressure from its proximity to Westfield London, but British Land expects that to change with Crossrail. “Ealing Broadway Shopping Centre


is a highly attractive retail destination, which meets the needs of today’s consumers for convenient, well- located shopping… We believe there are significant opportunities to grow and develop the shopping centre as we further improve the retail mix and


13 April 2013


Net effective prime in-town retail rents 2012


Centre


Brent Cross Camden Ealing


Hammersmith Ilford


Rent £s psf 2011


450 180 110 175 120


Kingston -upon-Thames 300 Lewisham Richmond Stratford


Stratford City Wandsworth


Westfield London Source: Colliers International


increase the leisure offer and as the area benefits from a new leisure scheme, residential quarter and the completion of Crossrail,” says Claire Barber, head of shopping centre asset management for British Land.


British Land has a further stake in Ealing, having been selected by the council to redevelop the former Empire cinema. Meanwhile, Derwent London is working with Westminster city council to create a 500,000 sq ft retail-led scheme at Tottenham Court Road. Ian Anderson of CBRE says: “Crossrail


will further concentrate where retailers want to be and raise the pressure on those areas that are not served by Crossrail.”


www.estatesgazette.com 89


115 190 135 -


115 300


2012


450 ¤ 170 Ü 110 ¤ 165 Ü 105 Ü 300 ¤ 105 Ü 225 Û 125 Ü 275 -


120 Û 325 Û


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