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Business property owners told "one size doesn't fit all"
Those considering purchasing a high street business property are being warned all premises are different and approaches may have to be tailored to each situation.
Nick Diment, head of retail planning at CB Richard Ellis, says this means there is no single high street formula that will work for every town in the country.
His comments follow a report from the Local Data Company, which said more than 300 of the 807 Woolworths shops that closed down in January 2009 remain unoccupied.
Those retail outlets that have been taken on have attracted attention from supermarkets and pound shops, with the latter sector accounting for 22% of the total take-up.
When asked why so many ex-Woolworths outlets are still empty, Mr Diment said: "It could be for a large number of reasons, but the obvious one is that the accommodation just doesn't fit the purposes or isn't suitable for the food store operators."
His advice for those looking to gain a high street presence is that "one size doesn't fit all", with some towns responding well to mixes of use, while others fail to see such effects.
Investment property owners may have to look at changes to planning consent for the premises they are interested in, with the majority of Woolworths stores likely to have open A1 consent.
Mr Diment adds this means a food store could go into the site, but a change of use occupier may face more difficulty.
He explains: "You can't really plan by just tick box - you do have to obviously look and understand what drives a certain location."
Those seeking to invest in business properties may therefore be wise to do detailed research regarding the town or city in question, as well as looking into the other companies already operating in that area.
Posted by Sarah Smith
Nick Diment, head of retail planning at CB Richard Ellis, says this means there is no single high street formula that will work for every town in the country.
His comments follow a report from the Local Data Company, which said more than 300 of the 807 Woolworths shops that closed down in January 2009 remain unoccupied.
Those retail outlets that have been taken on have attracted attention from supermarkets and pound shops, with the latter sector accounting for 22% of the total take-up.
When asked why so many ex-Woolworths outlets are still empty, Mr Diment said: "It could be for a large number of reasons, but the obvious one is that the accommodation just doesn't fit the purposes or isn't suitable for the food store operators."
His advice for those looking to gain a high street presence is that "one size doesn't fit all", with some towns responding well to mixes of use, while others fail to see such effects.
Investment property owners may have to look at changes to planning consent for the premises they are interested in, with the majority of Woolworths stores likely to have open A1 consent.
Mr Diment adds this means a food store could go into the site, but a change of use occupier may face more difficulty.
He explains: "You can't really plan by just tick box - you do have to obviously look and understand what drives a certain location."
Those seeking to invest in business properties may therefore be wise to do detailed research regarding the town or city in question, as well as looking into the other companies already operating in that area.
Posted by Sarah Smith
Fri, 27th Aug 2010