A RETROSPECTIVE OF 2023

Retail & Leisure News

While the year isn’t over yet and there may still be some deals to be done, the run up to Christmas feels like a good time to summarise my highlights of 2023.

In a year when I’ve taken a lead role in FHP’s retail efforts in and around Derby and established myself as the FHP’s retail lease advisory expert, there are plenty to choose from and in fact I could have put together a list that looks completely different and been perfectly happy with it.  Alas, choices had to be made and some of these were chosen for reasons personal to me as much as anything else.

Looking at the summary of deals below, aside from a sense of pride in what I have achieved, I feel very fortunate to have undertook such an interesting variety of jobs through the year.  This is something I am looking forward to building on in 2024, while keeping my core focus in the retail and leisure sector.

More than just an interesting variety of work, 2023 has been about cultivating longstanding relationships and creating entirely new ones along the way.  It has always been true that you don’t get far in the world of commercial property without a full address book.  Whether it’s fighting hard for my client in a lease renewal while maintaining respect for the other side, getting to know my clients, working alongside the up and coming young surveyors in the retail team or understanding the businesses I am trying to do a deal with, 2023 has been a great year for getting to know people.

I’d be remiss if I didn’t mention that one of the people I have got to know this year is my (at the time of writing) 8 week old son.  The understanding and support from inside and outside FHP has been genuinely heart warming and made what could have been a tough last quarter, one that has been both productive and enjoyable (well, mostly!).

So here are the highlights of my year by month…

January

Getting the year off to a quick start, acting for the landlord, I settled an outstanding rent review with Dominos Pizza at Midland Retail Park Nottingham securing an uplift to the market rent.

February

Building on a longstanding relationship with the sitting tenant, short work was made of a lease renewal of a retail unit within the historic Ossington Building in Newark.

March

Stepping outside of the retail sector, I concluded a lease renewal to Poppleston Allen to extend their stay in Price House within The Lace Market’s thriving office sector.

April

April found me reporting to my client on a forthcoming rent review within Nottingham’s leisure circuit.

May

After long days on the road, I was rewarded with completion of the acquisition of 44 The Maltings Shopping Centre, St Albans on behalf of longstanding clients, Cardzone.  The store trades now under their excellent Mooch brand.

June

Venturing into the industrial sector, in June I concluded a rent review and lease regear for the landlords of Unit C Millennium Business Centre to secure an uplift in rent and additional term certain.

July

A bumper month in high summer saw a number of deals of different types get over the line including:

1. An acquisition of 304 High Street, Lincoln for Cardzone’s Mooch brand
2. A letting of 7 Royal Buildings, Derby to Fonegodz
3. A lease renewal to Vivienne Westwood in Nottingham’s historic Flying Horse Walk shopping arcade
4. A letting of 33 Park Farm, Allestree to well loved Derby stalwarts Anderson Electrical

August

Adding to the variety of sectors I am active in, a lease renewal of industrial land in Bilston to Hub Le Bas completed.

September

After lengthy negotiations, a lease renewal to TUI completed for 3 Market House, Aylesbury.  In a market town where rents have fallen significantly, getting the best deal for my client involved understanding the town, recent transactions and making a robust case on their behalf.

October

Acting for the landlord, I was able to quickly agree terms for a lease renewal of 2 Firs Parade, Matlock with the Co-op’s surveyor by using a good understanding of the evidence and negotiating tactics that stand up to the scrutiny of an experienced chartered surveyor acting for the other side.

November

Fittingly, towards the end of 2023, I completed the biggest deal and prized achievement of my professional year – the sale of 27 Iron Gate, Derby to Amber Taverns.  Acting for the landlord, after a brief marketing period, I negotiated a surrender of the previous tenant’s lease and agreed terms for the sale of the freehold.  Having worked on this most of the year, I’m proud of this one on a personal level and also happen to think it is a great addition to the Derby leisure circuit.

December

Finally, another long standing lease renewal negotiation concluded – acting for the landlord I negotiated a renewal of Subway’s lease at Midland Retail Park Nottingham.

 

For more information on how we can assist you with retail agency, lease renewal and rent review advice, please contact Tom Wragg (tom@fhp.co.uk / 07970 168 138).

 

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