London Retail Agency Trends
Our retail agency team continues to observe changes in activity since the UK entered lockdown through our leads, conversations with applicants and speaking to clients. Several projects and transactions have been able to progress despite challenging circumstances, showing confidence in the recovery of our economy and consumer behaviour.
A few trends have emerged over the last several weeks of lockdown and our retail agents have summarised agency activity and enquiries since the UK entered lockdown.
Here are some of the top takeaways from recent weeks:
LOCKDOWN WEEK 8
- Retail enquiries have continued to show growth.
- We made good progress with several strategic residential-led development sites that we are acquiring for clients.
- We agreed a new investment purchase for a Local Authority.
- We identified and undertaken initial discussions with landowners for several sites that are of interest to our retained clients Travelodge Hotels.
- Our Town Centre Mixed-use team have secured instructions to market the commercial element of two substantial town centre schemes.
- We completed the sale of a High Street retail store exchanged during lockdown.
- We are preparing marketing brochures for a range of new instructions including; a portfolio of 20 retail units, 6,500sq.ft. of offices in Stratford and a 20,000sq.ft. PD office development in Brentwood.
LOCKDOWN WEEKS 1-7
- Throughout lockdown, retail leads have been active and steady, with many independents looking to expand or establish their businesses.
- We are seeing quality, entrepreneurial start-ups seeking to take advantage of the decline of the dominance of the multiples.
- There is a growing list of retail applicants waiting to arrange viewings, and some have had an appetite to take space site unseen.
- Disincentive to travel by car/tube has led to increased local demand around east London boroughs.
- There will be a likely move to support local traders who source locally and a dominance for London villages.
- We are working with our clients to conclude a range of retail lettings and sales while appreciating the current challenges faced by operators.
- Over the last few weeks, clients of ours have exchanged contracts on freehold buildings in several well-known East London High Streets.
- We have agreed a sale to an investor during lockdown who is willing to exchange prior to an internal inspection.
- We have launched a long lease investment let to the Co-op that has generated strong demand.
- We have made offers on a range of retail investment opportunities on behalf of clients and in particular are working with various Local Authorities keen to maintain their strategy to invest within their borough.
- We are currently preparing brochures for a new portfolio of 20 High Street retail units due to be launched in mid-May.
- We have had continued investor interest in a range of new commercial space within mixed-use town centre schemes with a sale agreed in South East London and recent offers for developments in Walthamstow and Canning Town.
We will keep you updated as things progress, and in the meantime, please get in contact with our team to answer any of your questions or for a general chat.