How is repurposing retail saving the High Street?
Mon 05 Jun 2023
To enable our town centres to thrive, units formerly occupied by retail or other traditional businesses which can no longer survive need to be repurposed.
The urgent need to do this was given as one of the biggest concerns for local authorities, investors/landlords and developers in a recent survey by trade body Revo which forecast up to 40% of shops may need to be repurposed in the next five years.
So, how is the Cambridgeshire retail property market responding to these challenges?
Our Commercial division based in the St Neots, Cambridgeshire office, acts for a number of investors and developers in the region including in Huntingdon, St Ives and St Neots.
Increasingly, the demand for space is from prolific local, independent occupiers who are SMEs or start-ups taking their first step into the retail property market.
All this is proving High Streets can continue to be an integral part of our lives, including being a place to both live and work."
Phil Cottingham, Head of Commercial Agency, St Neots
The benefit of this is the diversity and breadth of their offering. For example, we have concluded lettings in St Neots High Street to Rather Gifted (a local gift shop retailer with a strong brand and offer) and Chai Hub (a new street food café serving homemade, authentic Indian snacks and treats.)
We are also experiencing strong demand from medical and associated uses; a renowned dental practice is due to take circa 5,000 sqft in what was a redundant discount store. In Huntingdon, we have recently concluded a couple of lettings; one is a new takeaway and delivery service offering traditional Japanese cuisine and freshly made sushi and the other is an eyebrow bar and beauty studio.
We are also in the process of selling the freehold of 4, Market Hill – again with interest from service-based businesses. In St Ives, where retail space is at a premium, we have been
instructed to let 11 Crown Street and have a waiting list of interested parties.
All this is proving High Streets can continue to be an integral part of our lives, including being a place to both live and work.
For more information, please contact Phil Cottingham, Head of Commercial, St Neots, on 01480 479089.
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