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The retail market has remained resilient throughout 2011 says commercial property agent Prop-Search with many businesses looking to take advantage of competitive values, grow their operations or launch new ventures. After all, Tesco, Dyson and Microsoft all launched in a recession.
The upper quartile of secondary locations is currently seeing more activity in terms of take-up and enquiry levels. This reflects the strong attraction of less expensive space allowing retailers’ to focus on running their businesses and profitability.
Prop-Search has recently received a number of new retail instructions in Northampton. The secondary, but popular Wellingborough Road area has seen a substantial restaurant property come to the market which is already generating unprecedented levels of interest. The unit, formerly the Cardomon City Indian Restaurant, is also suitable for general retailing and comprises 5,365 sq ft on three floors. It is immediately available to lease, although a freehold sale may be considered.
A further restaurant property is being marketed jointly with Carter Jonas on Derngate, opposite the Theatre. This established A3 unit offers 1,474 sq ft on two floors and is being offered on a new lease at the competitive rent of £15,000 per annum. The neighbouring units which provide for A2 (financial and professional services) use can also be rented. These comprise approximately a 1,000 sq ft each and again are available on new leases, with terms to be agreed.
Samantha Jones, a Surveyor at Prop-Search, says: “There has certainly been a marked increase in enquiries over the past four months for sensibly priced retail accommodation within the town centre.”
An A2 property on Hazelwood Road is attracting steady levels of interest for this office use as well as for general retailing purposes. The accommodation comprises a front sales area of 746 sq ft with the option to take a further 475 sq ft of office/sales/storage space to the rear. One of the key attractions of the property is its rear car parking provision, a rarity for town centre retail space.
Retail premises situated close to Debenhams on The Drapery have also recently become available. The accommodation has recently been refurbished and offers ground floor retailing of 246 sq ft, with a further 633 of ancillary space.
Further information on the mentioned properties can be obtained from Samantha Jones at Prop-Search - Tel: 01933 223300 or downloaded from the website: www.prop-search.com