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Re: Tuesday Market Place

PostPosted: 31 Jan 2014, 17:31
by MJR
£50,000 does seem pretty high. Which one is number 26 NCS / Unit SU17A?

I'd try to help with a reinvigorate-the-markets meeting but I feel ill-equipped to organise such an effort.

Re: Tuesday Market Place

PostPosted: 31 Jan 2014, 19:35
by EWW
Well I would certainly rather pay market trader rates than shop rates.

http://www.west-norfolk.gov.uk/default.aspx?page=21484

Re: Tuesday Market Place

PostPosted: 31 Jan 2014, 19:44
by Alastair
fenlandier wrote:The rent of shop units is very high (see advert for shop unit below).

'26 New Conduit Street, Unit SU17A is within the Vancouver Quarter, a 400,000 sq ft shopping centre with an average footfall of 165,000 per week. King's Lynn itself has a resident urban population of approximately 41,000 and a primary retail catchment of 150,000. The scheme is anchored by JS Sainsbury, Wilkinson and Beales Department Store. The unit is close to Wilkinson, Country Casuals, Trespass and Costa Coffee.
The rent £50,000.00 per annum'.


The missing link reveals it's the old Ikon store.

That's about £12.82/square foot. In 2012 Savill's gave the average retail rent in the UK as £15.67/square foot (source), AMT reported that premium retail rents fell from £42 to £31 between 2009 and 2011.

The price being asked for this unit is below these figures, but really needs to be looked at alongside the rent achieved for other retail units let in the town centre.

Re: Tuesday Market Place

PostPosted: 09 Feb 2014, 09:44
by fenlandier
EWW wrote:Well I would certainly rather pay market trader rates than shop rates.

http://www.west-norfolk.gov.uk/default.aspx?page=21484


Me too even though it's not a straightforward comparison. The market rents (£1.35 per foot) are for one day only whereas the shop rent quoted ('That's about £12.82/square foot') is for 7 day trading.

Re: Tuesday Market Place

PostPosted: 09 Feb 2014, 11:37
by Alastair
fenlandier wrote:
EWW wrote:Well I would certainly rather pay market trader rates than shop rates.

http://www.west-norfolk.gov.uk/default.aspx?page=21484


Me too even though it's not a straightforward comparison. The market rents (£1.35 per foot) are for one day only whereas the shop rent quoted ('That's about £12.82/square foot') is for 7 day trading.


And the £12.82 does not include business rates which apply to retail premises on top of any rent to the landlord.. so yes, it's not straightforward to make any comparison.