Commercial Property Agents, London Clancy report continued and good demand for retail space in Winchester City Centre as demonstrated by two recent lettings.
51 Upper Brook Street a ground floor shop unit of around 1,600 square feet was let at the quoting terms at a rent of £30,000 a year. While the shop unit had A1 retail use, it also benefited from A3 and A5 consent. Unusually, the tenant’s intended primary use of the property was A1 retail.
Completing on 1st June 2012, the shop was let to an established business, Chinatown Supermarkets on a fixed ten-year lease.
Letting agent, Jo Keene commented:“The letting to Chinatown Supermarkets is a vote of confidence in the retail market in Winchester and followed a good deal of interest in the property since it became vacant in February this year. We wish the tenant every success in it’s expansion in Winchester.”
Just completed this September is the letting to Bodega at 11a Parchment Street, a ground floor shop unit of 484 sq ft in the well established boutique/ independent retailers shopping area of Parchment Street.
Let on a new ten year lease at close to the quoting rent of £14,500 pa, the property is due to become a delicatessen.
Jim Sawyer of London Clancy said: “This letting has enforced Parchment Street’s reputation as a specialist area of the City for good quality retail.”
London Clancy are marketing retail premises in Jewry Street jointly with Pullen Associates where two units are under offer and there is strong interest in the remaining two units.
Jo Keene said: “We have a number of applicants registered with us who we are aware are seeking retail premises in a range of locations in the City, and who are struggling to find the space they need. Winchester’s retail economy appears to be holding up reasonably well in tough times due to having a wider shopping demographic, namely a strong resident population, a student population and a good level of tourist visitors. The combination of these factors seems to create retail demand in not only prime retail areas, but secondary and tertiary locations too.”