scottish news |
DESPITE RECENT WOES IT’S NOT ALL ABOUT HIGH STREET BLUES
B
arely a week has gone by since the turn of the year when news hasn’t emerged of a retailer reporting finance issues or announcing a swathe of store closures. Maplin, Toys R’ Us, House of Fraser, Mothercare and even the British stalwart Marks and Spencer are just some of the household
names who have raised the alarm. But despite this worrying trend there are still some positive signs, writes Iain Mercer of Allied Surveyors Scotland PLC. According to
Iain W. Mercer statistics
revealed in June by the British Retailers Consortium, shoppers flocked back to British High Streets during May thanks to better weather conditions. Total sales increased by 4.1% year-on-year in May, compared with a 0.2% annual increase in May 2017; this was the highest increase since January 2014. The question investors
and landlords are asking is: is this a return to form or merely a temporary spike? On a local level well-located retail premises, especially in city centre locations, appear to be sought after and are attracting tenant interest. Certainly, stock levels are tight so the basic dynamics of supply and demand are leading to competition for properties. When I opened the new Edinburgh commercial agency branch for Allied Surveyors in April, the first property I listed was a shop on Dundas Street in the heart of the city’s New Town. This was let within two weeks following a flurry of interest from both established and new start businesses. Similarly, in Haddington, a pleasant
market town in East Lothian 15 miles east of Edinburgh, we completed a letting of a 1,716 sq.ft retail unit to a thriving hair salon. The occupier, Anna Mather Hair and Beauty Colour Specialist, is relocating from neighbouring Gifford and has agreed a new 5-year lease at £16,000 per annum. The unit being vacated by that occupier is now being marketed by Allied seeking £7,200 per annum with early interest to report. Back in Edinburgh, meanwhile, we have
completed the letting of 185 Bruntsfield Place, formerly a long-standing German bakery known as Falko, at an undisclosed rent on a new 10-year lease to an incoming Danish retailer called Nordic Living by Biehl. The new start business will bring a fresh concept of vintage and modern pieces of Scandinavian furniture design to this prestigious suburb of the capital. So, whilst the start of 2018 was tumultuous for a number of UK’s retailers, there are good indicators of a recovery driven by existing businesses which are expanding and from overseas newcomers. Please visit
www.alliedsurveyorsscotland.com
Scotland’s leading commercial agency now also providing a full service in the Lothians, Borders and Perthshire.
Agency Development Appraisal Valuation Building Surveying Energy Reports Investment Advice Asset Management
CONTACT OUR DIRECTOR NOW
Iain W. Mercer | Tel. 0131 357 4455
iain.mercer@
alliedsurveyorsscotland.com
FOLLOW US NOW
@AlliedEdinburgh
www.alliedsurveyorsscotland.com
COMMERCIAL PROPERTY MONTHLY 2018
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