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Professional Services News
The rent review on the Schuh footwear shop at 31/32 Long Row, Nottingham has been negotiated by Fisher Hargreaves Proctor on behalf of the landlord, Royal London Asset Management.
Mark Bradley, who is partner responsible for retail rent reviews at FHP, agreed a new rent of £167,500 per annum with effect from the June 2006 review date which shows growth of 8% over the five year review period.
He commented “unusually, the main section of Long Row is a location where there has not been any open market letting of retail premises for several years and therefore rental values have remained artificially low based on rent review and lease renewal evidence. There is definitely latent rental growth to emerge from this location once a letting occurs but it shows that most retailers are trading satisfactorily as premises are not changing hands.”
The premises comprise a substantial building of 9900ft² with Schuh having the over riding lease but physically occupying only the ground floor and basement with the upper floors being sublet to Manpower Services.