20/02/2012

FARNHAM RETAIL MARKET REMAINS STRONG

POSTED IN General

The Farnham retail property market remains strong as evidenced by the fact that over the past 3 months Geoff Reeve of Wadham & Isherwood has concluded a number of lettings in the town.

The Borough Delicatessen which sells a range of British produce opened just prior to Christmas completing the lettings of the shops adjoining The Bush Hotel in The Borough. The former Lucy’s Lunchbox which is arranged on ground and one upper floor immediately opposite was also let to Headmasters Hairdressers just prior to Christmas. They are currently involved in an extensive fit out and should be open for trading early in March.

In Lion & Lamb and acting jointly with CWM, the former Freelance Fabric shop which provides some 2,300 sq.ft. of ground floor accommodation has been let to Orvis who are also in the course of completing their extensive fit out. Orvis who had previously operated for years from Unit 17/18 Lion & Lamb Yard jumped at the opportunity of expanding into a larger store offering clear ground floor accommodation.

The retail offer in the town generally has been dramatically improved with the opening of Evitavonni just prior to Christmas. This company have transformed the former Woolworths building into a luxury lifestyle store featuring room sets from bathrooms to kitchens, bedrooms to sitting rooms, fabric collections, designer furniture, lighting, exclusive bed linen and garden furniture.

Unit 6 Lion & Lamb Yard which will become available in March and which provides just over 500 sq.ft. of ground floor accommodation is currently under offer to another existing Lion & Lamb Yard occupier.

As can be seen demand for retail accommodation in the town remains at a good level despite the often depressing general national news (and although rents have fallen back marginally from the peak that was achieved in 2008 at over £100.00 Zone A we have been encouraged by a number of recent rent review settlements that reflect Zone A’s approaching £95.00 per sq.ft. for prime shops).

More recently and as a result of the failure of two national chains two further prime shops have just become available. The former La Senza unit at 2 Town Hall Buildings is being offered on behalf of the landlords (635 sq.ft. of ground floor accommodation plus a very useable basement). In addition a refurbishment of the former Millets building is to be undertaken and will be offered as one unit of approx. 2,350 sq.ft. or two units of 1,657 and 700 sq.ft. respectively.

For any further information please contact Geoff Reeve at the Farnham Office 01252 710822 geoff@wandi.co.uk