Acting on instructions from Clearbell Capital, in a joint agency capacity with Gerald Eve, we are delighted to have completed the sale of their long leasehold interest in the commercial element of The Radius – a modern mixed use retail/residential property situated in Prestwich – a popular suburb of Manchester. The investment is fully occupied by nine tenants and includes a complementary blend of convenience retail from such national operators as Superdrug, Costa and Greggs together with some independent operators from the food and beverage sector including Croma and Panama Hatty. Having received five offers, the investment was sold to a locally based Property Company – David Samuel Properties – for a price in excess of £3,600,000 to show an equivalent yield of approximately 8.9%.
Prime Retail Premises NOW LET in Douglas, Isle of Man
Despite the difficult high street market, on behalf of a private investor clients Cheetham & Mortimer have managed to secure a letting to Mountain Warehouse of this prime unit.
A prominent building occupying a 100% prime trading position on pedestrianised Strand Street in the islands capital, Douglas.
The property comprises a modern purpose built retail unit designed to provide sales accommodation and staff facilities over ground, first and second floors.
Other retailers within the immediate vicinity include Marks and Spencer, Boots, Next, New Look, River Island, JD Sports, Monsoon and TK Maxx.
Yesterday’s canine champion is called “Ocado”. According to them, and as a consequence of the pandemic, “the grocery landscape is changing for good”. Let’s face it – the grocery business has been one of the big winners of the pandemic. If you cannot grab market share and make money (or in Ocados case – reduce your losses from £214.5m to £44m) in this environment then you have a problem.
However, once this pandemic finally subsides, there is a huge wall of money waiting to buy a new pair of dancin’ pants, to meet family and friends again, to feast and get drunk. Humans need social interaction.
Once the restaurants and bars reopen, that expenditure will be directed away from the grocers. Once the offices reopen, home working will lose its appeal. Once we start to build back better, sustainability and the environment will top the bill. Once we return to our town centres, we will bemoan the number of vacant units and the lack of choice. What does that mean for home deliveries? Will we react again? There is no doubt that the pandemic has accelerated the digitalisation of our lives …. but these are extraordinary times. All landscapes are evolving and change can be expected…..even for our top dog.
By Robert Millington