A retail development in Salford is bucking the trend for vacant shops with three deals signed in recent months.
According to recent figures released by the British Retail Consortium almost a third of shops are currently sitting empty caused by a number of factors including consumers preferring out of town retail parks, the ease of online shopping and high parking charges. The figures suggested the issue was particularly acute in the north were some areas had a vacancy rate of more than 27%; in London the number of empty shops represented just 7.9% of retail space available.
However, a development by the Pervaiz Naviede Family Trust-owned company, LPC Living, suggests the trend for empty shops is not affecting all areas in the north west.
Radclyffe Park sits at the heart of the £100m transformation of the Ordsall estate in Salford, Greater Manchester. The scheme was designed specifically to respond to changing shopper habits such as the need for plentiful, free parking spaces, easy access to public transport links and being able to offer a range of services in one place for today’s time-poor consumer.
The development which fronts Trafford Road, a key arterial route into Manchester, Salford and Trafford, combines a high quality Morrisons food store, a seven-storey Travelodge hotel and a modern, patient-focused NHS health centre offering a range of medical and dental services. All units were pre-let before completion and since opening in winter 2012 the development has proved popular with local residents, those working in the Salford Quays/MediaCityUK areas and commuters looking to pick up their evening meals.
However, like many investors, the Pervaiz Naviede Family Trust had faced some difficulties letting space on the The High Street, a range of retail units ranging from 350 – 1,500 sq ft aimed at smaller, independent businesses. While some businesses, notably Ordsall-founded Betfred, Barnardos, Shaw Trust, K’s Pharmcy and Eyeline Opticians were quick to identify the proximity to Salford Quays and the prominent visibility fronting a busy main road, a number of units remained vacant.
In partnership with agents, Tushingham Moore, LPC Living targeted a number of high street chains and local businesses who we felt would complement the existing tenant mix. The results have been three new lettings this year totaling approximately 3,000 sq ft of retail space and a number of additional enquiries.
The new tenants are: -
- The Food Station offering high quality takeaway food
- Pack & Send, an international courier firm and
- A hair and beauty salon offering a range of treatments
Both Food Station and Pack & Send are trading with the salon anticipated to open this year.
Scott Neal, marketing manager for LPC Living and advisor to the Pervaiz Naviede Family Trust, said “Radclyffe Park hit a chord with the local community and was trading well from day one. However, when we approached potential tenants for the High Street we found many were unaware of what was admittedly a fast-changing area and the amount of footfall. It was a classic chicken and eff scenario. We needed tenants to generate footfall but some tenants were reluctant to consider the scheme without this already in place.”
“After remarketing the development with Tushingham Moore we were able to generate significant interest in the scheme which has translated into three new deals this year. Crucially, the tenant mix offers the locality a wide range of services from health and beauty, food, charity shops and postal services”.
Just four units remain with a range of incentives available. For further details visit the Radclyffe Park website or call Russell McGill at Tushingham Moore on 0161 833 1197.