AFFLUENT TOWNS STILL EXPERIENCE RENTAL GROWTH ON REVIEW

Professional Services News

The affluent and popular tourist minster town of Beverley is one of the few locations where rental growth has occurred on rent reviews over the last 5 years.

Mark Bradley, Partner responsible for retail landlord and tenant instructions, has negotiated on behalf of a private landlord client, an uplift in the rent on review from September 2009 of 54 Saturday Market occupied by Multiyork to a new level of £65,000 per annum.

The Grade II Listed period building contains approximately 5,500ft² of retail space extending over three floors and retains many of the original features.

Mark Bradley commented “Most towns and cities throughout the UK have seen rental values decline during the last few years and upwards only rent reviews have been settled at the previous passing rent.  However, Beverley is one of the few exceptions due to the desire by quality retailers to gain representation in this prosperous market town.  To achieve positive rental growth of 4% over the review period certainly bucks the trend occurring in the vast majority of other major towns and cities, apart from the likes of Stamford and Guildford and indeed West Bridgford where demand remains strong relative to the supply of suitable retail accommodation.”

For advice in respect of rent reviews and lease renewals of retail property, contact Mark Bradley on 07887 787884 or email markb@fhp.co.uk