Retail Property BID

What should I be aware of before signing a commercial lease?

6th December 2022

Congratulations! You’ve found the perfect location for your business. You’ve checked out the local competition, analysed the demographic data, drawn countless layouts for the internal space and counted the passing footfall in all weathers. You’ve done it, you’ve found THE property. “Where do I sign?” you ask. But wait! Before signing a commercial lease read our top tips for new leaseholders… Read the Heads of Terms Read the Heads of Terms, then read them again before signing a commercial lease. A gentleman’s handshake with the landlord is just a handshake. The Heads of Terms set out the conditions of the proposed commercial lease. Know what you’re signing up to. What are your responsibilities as a tenant? Do you have to pay a deposit? When is the next rent review? What happens if your business runs into difficulties after signing a commercial lease, and you can’t meet your legal and financial commitments? Survey the property Check the condition and find out whether the landlord is willing to fix the broken lift or repaint the shop front before you take possession. Discuss your obligations as a tenant regarding maintenance and repairs. Which of you would pay for a smashed shop window? Who […]

The new recipe for shopping centre success

30th November 2022

The shopping centre sector has long seen levels of vacancy above those of high streets and retail parks. With their elevated level of exposure to major chain brands affected by CVAs and administrations, shopping centre vacancy peaked over the pandemic period. According to our recent analyses, shopping centre vacancy rates have begun a slow yet significant recovery following their all-time high in H1 2020. Our latest report reveals that, in the year to H1 2022, percentage net change in shopping centre units fell from -3.3% to -0.3%. Although vacancies remain, openings are picking up in line with growing market sentiment as investment and development plans continue to materialise. We compared 11 new schemes* across Britain to understand how they are responding to pandemic-influenced trends in consumer behaviour as part of the sector’s revival. Above-average leisure provision Over 50% of the 11 new schemes have an above-average percentage of leisure units compared to the GB shopping centre average of 23%. The drive for a higher proportion of leisure tenants speaks to the more experiential focus of today’s shopping destinations. F&B tenants, along with other leisure occupiers such as mini-golf and bowling brands, are prized for their ability to increase dwell time...

Mixed-use destination approved for ex-Debenhams Guildford site

24th November 2022

Property developer Native Land has received approval to transform the ex-Debenhams site in Guildford into a 300,000 sq ft mixed-use destination, to be called St Mary’s Wharf. The new site will comprise of 185 new homes, 21,000 sq ft of retail and restaurant space, and almost an acre of riverside public realm. Native Land says the buildings will be all-electric and net zero carbon in operation. The Guildford project is part of a wider strategy by Native Land to reposition former retail assets in fundamentally strong UK towns and cities. The development will comprise of two buildings, designed by architects Squire & Partners, as well as a new civic square, a park, and a riverside walk with access to the High Street. Native Land has committed £1m to riverside infrastructure spend, which could see a new footbridge constructed over the River Wey. The development looks to repurpose brownfield land and offer a range of 1-3 bedroom homes. Native Land anticipates strong demand for St. Mary’s Wharf. Robert Harris, managing director acquisitions at Native Land, said: “Our plans for St. Mary’s Wharf will inject new life into Guildford town centre by transforming a redundant retail asset into a vibrant mixed-use destination. […]

How much does it cost to open a shop?

8th November 2022

Have you ever dreamt of opening your own shop, showcasing your products to the world, and building a thriving business? It’s an exciting prospect, but before turning that dream into reality, a crucial question arises: How much does it cost to open a shop? Understanding the financials of a retail business is essential for success. This comprehensive guide will give you a clear picture of the financial commitments and empower to answer the question “How much does it cost to open a shop?” with confidence and prepare your business for a prosperous future. Rent and business rates Whether you’re renting or buying, prices will differ wherever you go. Make sure to check out how much you’ll be paying in the town or city you plan on opening. Big cities such as London or Glasgow will often be pricey but are likely to see more footfall. An alternative is to set up in smaller, up-and-coming cities. Here it may save you some money, allowing you to establish your business earlier as a local favourite while costs are lower. The most expensive places to rent in the UK The least expensive places to rent in the UK Town/City Average Price* London £49.64 […]

Why use a retail property agent?

25th October 2022

Considering purchasing or renting a retail property? Particularly if this is a first for your business, it can be daunting to know where to start. This is when it is a good idea to use a retail property agent. The role of a retail property agent is not only to market and promote properties on behalf of the landlord, but also to act as an intermediary between the seller and prospective buyer, or landlord and prospective tenant, to ensure that both sides are satisfied with the outcome of the deal. Here are a few ways retail property agents use their expertise to help save you time, money and stress during the process of finding your ideal retail space. Knowledge of the area When deciding to expand your business into a new area, it is a great idea to have someone in your corner who understands the local market. Local agents will have excellent knowledge of the current market trends in their area and can use their experience to your advantage. Likewise, local agents will also have a good grasp of demographics, footfall and competition within the area and can help you decide whereabouts your business is most likely to thrive. […]

Five tips on energy saving for businesses

28th September 2022

It’s time to save on energy. As the cost of living rises so do the costs of running a business and energy saving is the new buzzword in the business world. Not only is it good for the environment but, more importantly than ever, it can save you money as a business. And yes, it does take some effort on your part, but it’s not that hard to do and the rewards will be worth it. You just need to set up some systems to make sure you’re using energy wisely and smartly all year long. Here are five tips for establishing those systems: 1. Set up LED lighting LED lighting is an excellent way to save energy and money. These lights are able to last as long as 50,000 hours, which means they require fewer replacements than traditional bulbs. In addition, they are more directional in nature so you can direct them where you need them most, which in retail can mean better looking product displays. On top of all this, LED lights use less power than other types of lighting options and also use less electricity than incandescent bulbs do (which will provide you with greater savings). The...