SOUTH EAST AND OUTER LONDON
MARKET SLOWS AS CVAs BITE This is a historically robust region which is starting to feel the pain.
JESSICA SHORT
Senior Surveyor, UK Retail Agency
Retailers are still acquiring sites and there is demand for retail space, particularly in key London suburban locations and affluent South East towns, but landlords are having to re-adjust their expectations of what rents are achievable and be open minded to alternative uses.
The pipeline of new space in the region was very limited. The last 12 months saw the launch of intu Watford’s 400,000 sq ft retail and leisure extension, which has been a challenge to let, but has now gained momentum for new lettings, with the likes of Uniqlo and Hollister on site fitting out. Conversely, The Beacon extension in Eastbourne has faced serious difficulties, with Legal & General having to offer significant incentives to prospective retailers, and even then, interest is not guaranteed. This perhaps is indicative of the polarisation between London suburban locations and smaller centres in the region.
Overall, the picture looks fairly grim. The UK average rent decrease (including London) was 7%, whereas the South East fell by 8%, East Anglia 7% and Outer London close to 9%.
Last year we reported that the London suburbs had seen growth finally slow and stall, but in the last 12 months we have seen these rents drop in all locations apart from Streatham. However, in leasing terms, lettings are still taking place and there is still tenant demand, but high occupational costs mean that rents are not as robust as they have been.
Outside of the large centres such as Norwich, Cambridge and Chelmsford, and smaller market towns, the market in East Anglia is tough. Rents in Ipswich and Southend have fallen by double digits, whereas the market towns including Bury St Edmunds, Saffron Walden and St Neots have shown only slight decreases or remained stable.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
REGIONAL UPDATES
CONTACTS < >
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