Derby City Centre saw a fast start to 2024, with a number of High Street lettings completing including 30 St Peters Street and 11 Sadler Gate, as well as a lease renewal to Lloyds Bank.  Generally we have seen increased activity in the market place, with a good number of enquiries for retail and leisure properties throughout the City Centre.  We have also seen interest from a host of national fast food operators looking at space on the High Street, which further supports our view that St Peters Street and the surrounding areas will continue their pivot towards the F&B market and away from retail in the long term.  Underpinning this, are recent lettings by FHP to Pieminister and Boo Burger on Victoria Street.  In fact, currently the issue faced in attracting national fast food operators to the City, is a lack of available units of a sufficient size.

Demand from national retailers within the Derbion Centre continues with a string of exciting new additions due to be announced in the near future.  This follows successful openings in 2023 and early 2024 of Cards Direct, Tag Heuer, Rituals, TUI, Yankie Candle and the additions of Popeyes, KFC and Burgers and Sauce to the food court.

Moving our focus into Derbyshire, we have seen improved demand of late for units within Ashbourne and the Town seems revitalised since the opening of Bear Café on St Johns Street.  The renewed appetite for Ashbourne was clearly demonstrated when FHP brought 5a St Johns Street to the market and the property was placed under offer within one week of being listed in a deal which will bring an exciting restaurant into the town centre.

Continuing to look north, FHP have been appointed as sole agents at Peak Village, Rowsley.  Peak Village is a premium retail and leisure destination, boasting national brands such as Regatta, Cotton Traders, Henmores, Denby and more alongside a vibrant collection of boutique independent traders.  The scheme has also been bolstered by the revitalised and rebranded Chatsworth Kitchen, which offers a high quality dining experience and has opened to great success.  Located just off the A6 near Matlock, Peak Village is an excellent retail destination for the local population and those visiting the Peak District.  Since purchasing the scheme in 2021, the new owners have made significant investments as well as massive strides to improving the tenant profile, an ongoing project which FHP have been engaged to drive forward.

Despite ongoing financial pressures, the mood in Derby and Derbyshire is optimistic, a sentiment which is being backed up by good levels of activity in the occupier market and improved interest from investors with cash reserves in properties below £300,000 and we are looking forward to a strong 2024.

For more information on how FHP can assist in letting and selling your commercial properties or with lease renewals and rent reviews, please contact Tom Wragg (tom@fhp.co.uk / 07970 168 138), and Corbin Archer (corbin.archer@fhp.co.uk / 07929 716 330).

• High footfall pedestrianised location near Derbion main entrance and Riverlights/bus station
• Suitable for retail / F&B
• Nearby occupiers include Phat Buns, Greggs, Ladbrokes, Nationwide, Poundstretcher and Blacks Outdoor
• Rent: £25,000 per annum
• Ratable value: £17,250
• 3 phase electricity

• Refurbished premises within Ashbourne’s main retail pitch
• Ground floor sales with upper floor ancillary accommodation
• E Class premises would suit café / restaurant use with other uses considered subject to permission
• Nearby occupiers include Machine Inn, Young Ideas, Bear Café, Costa, The Bank, Subway and more
• Rent £19,500 per annum

While the year isn’t over yet and there may still be some deals to be done, the run up to Christmas feels like a good time to summarise my highlights of 2023.

In a year when I’ve taken a lead role in FHP’s retail efforts in and around Derby and established myself as the FHP’s retail lease advisory expert, there are plenty to choose from and in fact I could have put together a list that looks completely different and been perfectly happy with it.  Alas, choices had to be made and some of these were chosen for reasons personal to me as much as anything else.

Looking at the summary of deals below, aside from a sense of pride in what I have achieved, I feel very fortunate to have undertook such an interesting variety of jobs through the year.  This is something I am looking forward to building on in 2024, while keeping my core focus in the retail and leisure sector.

More than just an interesting variety of work, 2023 has been about cultivating longstanding relationships and creating entirely new ones along the way.  It has always been true that you don’t get far in the world of commercial property without a full address book.  Whether it’s fighting hard for my client in a lease renewal while maintaining respect for the other side, getting to know my clients, working alongside the up and coming young surveyors in the retail team or understanding the businesses I am trying to do a deal with, 2023 has been a great year for getting to know people.

I’d be remiss if I didn’t mention that one of the people I have got to know this year is my (at the time of writing) 8 week old son.  The understanding and support from inside and outside FHP has been genuinely heart warming and made what could have been a tough last quarter, one that has been both productive and enjoyable (well, mostly!).

So here are the highlights of my year by month…

January

Getting the year off to a quick start, acting for the landlord, I settled an outstanding rent review with Dominos Pizza at Midland Retail Park Nottingham securing an uplift to the market rent.

February

Building on a longstanding relationship with the sitting tenant, short work was made of a lease renewal of a retail unit within the historic Ossington Building in Newark.

March

Stepping outside of the retail sector, I concluded a lease renewal to Poppleston Allen to extend their stay in Price House within The Lace Market’s thriving office sector.

April

April found me reporting to my client on a forthcoming rent review within Nottingham’s leisure circuit.

May

After long days on the road, I was rewarded with completion of the acquisition of 44 The Maltings Shopping Centre, St Albans on behalf of longstanding clients, Cardzone.  The store trades now under their excellent Mooch brand.

June

Venturing into the industrial sector, in June I concluded a rent review and lease regear for the landlords of Unit C Millennium Business Centre to secure an uplift in rent and additional term certain.

July

A bumper month in high summer saw a number of deals of different types get over the line including:

1. An acquisition of 304 High Street, Lincoln for Cardzone’s Mooch brand
2. A letting of 7 Royal Buildings, Derby to Fonegodz
3. A lease renewal to Vivienne Westwood in Nottingham’s historic Flying Horse Walk shopping arcade
4. A letting of 33 Park Farm, Allestree to well loved Derby stalwarts Anderson Electrical

August

Adding to the variety of sectors I am active in, a lease renewal of industrial land in Bilston to Hub Le Bas completed.

September

After lengthy negotiations, a lease renewal to TUI completed for 3 Market House, Aylesbury.  In a market town where rents have fallen significantly, getting the best deal for my client involved understanding the town, recent transactions and making a robust case on their behalf.

October

Acting for the landlord, I was able to quickly agree terms for a lease renewal of 2 Firs Parade, Matlock with the Co-op’s surveyor by using a good understanding of the evidence and negotiating tactics that stand up to the scrutiny of an experienced chartered surveyor acting for the other side.

November

Fittingly, towards the end of 2023, I completed the biggest deal and prized achievement of my professional year – the sale of 27 Iron Gate, Derby to Amber Taverns.  Acting for the landlord, after a brief marketing period, I negotiated a surrender of the previous tenant’s lease and agreed terms for the sale of the freehold.  Having worked on this most of the year, I’m proud of this one on a personal level and also happen to think it is a great addition to the Derby leisure circuit.

December

Finally, another long standing lease renewal negotiation concluded – acting for the landlord I negotiated a renewal of Subway’s lease at Midland Retail Park Nottingham.

For more information on how we can assist you with retail agency, lease renewal and rent review advice, please contact Tom Wragg (tom@fhp.co.uk / 07970 168 138).

Acting on behalf the Landlord, Telereal Trillium, Tom Wragg of FHP is pleased to announce completion of the sale of 27 Iron Gate, Derby, formerly known as The Thomas Leaper, to Amber Taverns.

The public house formerly known as the Thomas Leaper is located in the heart of Derby’s leisure circuit and was brought to the market by FHP shortly after the Wetherspoons closure of the venue in February 2023.

Tom Wragg, Associate Director, comments:

“I am massively pleased that we were able to get this deal over the line as there was a lot of moving parts in negotiating a surrender of the Wetherspoons lease and agreeing the sale with Amber Taverns. I feel this is an important deal for Derby, bringing a major operator into the City who are a great addition to the vibrant leisure circuit and will coincide well with the forthcoming improvements to the area.”

Sam Frankland of Amber Taverns added:

“Amber Taverns are excited to be opening a site in Derby. Our search for the right site in the city has been a long one, but we are really pleased to have secured such a great looking property in the heart of Derby’s licensed circuit. We will undertake a full refurbishment in 2024 and our new venue will be called, The Iron Ram. This will be Amber Taverns 167^th site, and we have a strong pipeline for 2024, with our next opening being The Railway in Caerphilly due to open in early December.” 

For more information on how we can assist you with retail agency, lease renewal and rent review advice, please contact Tom Wragg (tom@fhp.co.uk / 07970 168 138) or Corbin Archer ( corbin.archer@fhp.co.uk / 07929 716 330).

ENDS

Tom Wragg

November 2023

Acting on behalf of a private landlord, FHP have agreed a lease renewal with the Co-op for 2 Firs Parade ensuring the retailer continues their presence in the Derbyshire town and the landlord retains a valued tenant.

Tom Wragg, Associate Director, comments:

“I am pleased to have secured a good outcome in this lease renewal for my client to ensure their investment value is maintained and a high quality tenant retained on good terms. With the tenant having their own professional representation, the matter came down to a good understanding of the retail market in Matlock, the relevant case law and thorough research of the evidence which, being the prominent agent in the region, FHP are well placed to do. This then allowed both sides to reach an agreement with confidence.”

Landlord, William Grant added:

“By appointing FHP to act on my behalf in advising and negotiating this lease renewal, I am happy to say that we renewed the lease at a strong, market rent and secured the investment income for the future.”

For more information on how we can assist you with retail agency, lease renewal and rent review advice, please contact Tom Wragg (tom@fhp.co.uk / 07970 168 138).

Acting on behalf of private clients, FHP are pleased to confirm a letting 27 Cornmarket, Derby has completed within 10 weeks of bringing the instruction to the market.  The property occupies a prominent position within Derby’s busy pedestrianised Cornmarket.

Tom Wragg, Associate Director of FHP Property Consultants commented:

“By getting the level of rent right and taking a proactive approach to marketing, we were able to let this property extremely quickly thereby minimising the landlord’s void period and creating one less vacant unit on the high street.   Whilst the sentiment in some quarters about the high street remains pessimistic, FHP have completed this and a number of other high profile lettings in the vicinity recently.”

For more information on how FHP can assist you in finding tenants for your high street property within the Derby area, please contact Tom Wragg on tom@fhp.co.uk / 07970 168 138 or Corbin Archer on corbin.archer@fhp.co.uk / 07929 716 330.

ENDS

Tom Wragg

November 2023

• Use Class E suitable for retail, shop, café, restaurant, financial services and more
• Nearby occupiers include Waterstones, Poundland, Ladbrokes, Pure Gym and Costa Coffee
• Situated on busy St Peters Street in Derby city centre adjacent to the Derbion shopping centre
• Available December 2023
• Rent – £19,500 per annum

• Prominent position on busy arterial road into Town Centre with significant frontage
• Customer parking and servicing to rear
• Nearby occupiers include Sainsburys Local, Easy Bathrooms, Chookys Takeaway, Little Dessert Shop, Burton Beds & Furniture
• To let as a whole, or landlord may consider splitting into two units circa 1,500ft²
• Rent – £45,000 per annum

• Three storey licenced café / restaurant premises
• High quality fit out
• Located on Sadler Gate within Derby’s boutique leisure circuit
• Nearby operators include Carnivore, The Forge, Bear Café, Bunk, Milk & Honey and Pizza Express
• Rent – £19,000 per annum

Acting on behalf of Clowes Developments, FHP have agreed a letting of Unit 7 The Royal Buildings to well loved local business, Fone Gods.

Tom Wragg, Associate Director, commented:

“We are pleased to have agreed terms to re-house this popular business from the now closed Eagle Centre market to this up and coming city centre location. Ideally situated opposite the Condor apartments, this property is well located to benefit from the wave of exciting projects that are happening in Derby’s city centre.”

FHP can assist you in finding tenants for your retail property in and around Derby, please contact Tom Wragg on (tom@fhp.co.uk / 07970 168 138) or Corbin Archer on (corbin.archer@fhp.co.uk / 07929 716 330).

• Ideal starter unit
• Free customer parking for 400 cars
• 1 car parking space included to the rear of the property
• Shopping Centre anchored by Co-op Food, Boots, Costa Coffee and Farmfoods
• Other nearby occupiers include Domino’s Pizza, Birds Bakery and Boyz
• Close to the University of Derby
• Rent £19,000 per annum

• Retail investment in the busy Derby suburb of Chaddesden
• Planning permission granted for 11 new apartments
• Rental income of £51,140 per annum with potential to increase to £61,140
• Nearby operators include Heron Foods, Coral, Wilsons Pharmacy and others
• Guide price – £795,000

• Use Class E suitable for retail, shop, café, restaurant, financial services and more
• Nearby occupiers include Carnero Lounge, McDonalds, Tesco, Boo Burger and Pieminister
• Situated on busy pedestrianised St Peters Street in Derby City Centre
• Rent – £30,000 per annum

• Situated on Wardwick, Derby’s prime leisure pitch.
• Use Class E suitable for retail, shop, café, restaurant, financial services, offices and more
• Nearby occupiers include Turtle Bay, Stein Strasse, Revolution de Cuba, Revolution and Victoria Fish Bar
• Rent – £10,000 per annum

Major fashion brand, Vivienne Westwood, have committed to retain their Nottingham store within Flying Horse Walk.  Tom Wragg of FHP acted for the Landlord in negotiating a lease renewal and securing the ongoing occupation of this mainstay of the Nottingham retail scene.

Tom Wragg, Associate Director comments:

“I am delighted to have been able to agree terms for a lease renewal to such a high profile fashion brand as Vivienne Westwood.  Flying Horse Walk is Nottingham’s premier retail destination and Vivienne Westwood continue to be an excellent fit for this location.”

For more information on how we can assist with your retail and leisure lease renewals and rent reviews, please contact Tom Wragg on (tom@fhp.co.uk / 07970 168 138).

• First floor – 44m2 (476ft²)
• Second floor – 43m2 (466ft²)
• Situated on Cornmarket, Derby’s prime retail and leisure pitch
• Use Class E suitable for retail, shop, café, restaurant, financial services and more
• Nearby occupiers include national operators such as Cosy Club, Primark, Boo Burger, Pieminister, Café Nero
• Rent – £26,000 per annum

Long time Derby electrical goods retailer and repair service, Anderson Electrical, have relocated from the city centre to Unit 33 Park Farm Shopping Centre, Allestree.  For the last 60 years, this popular business has called Derby city centre home, but has taken the decision to relocate.

Tom Wragg, Associate Director, comments:

“I am pleased to have been able to secure this letting for Park Farm Shopping Centre.  This district shopping centre has a really interesting mix of businesses and Anderson Electrical make a perfect addition.”

FHP have played an essential part in securing the mix of businesses that makes Park Farm such an attractive retail location.

For more information on how we can assist with your district shopping centres, please contact Tom Wragg on 07970 168 138 /  tom@fhp.co.uk  or Corbin Archer on  07929 716 330 / corbin.archer@fhp.co.uk

ENDS

July 2023

FHP are pleased to have acted for long standing clients, Cardzone, in an acquisition of 304 High Street, Lincoln. The property occupies a prime high street location in the heart of Lincoln’s vibrant city centre amongst numerous national retailers.

Tom Wragg, Associate Director comments:

“The property had been occupied by Paperchase until their insolvency in early 2023 creating an excellent opportunity for Cardzone to trade their fantastic new Mooch concept. I am proud to have played a part in identifying this opportunity and negotiating a new lease on behalf of my client.”

Peter Drewitt of Cardzone added:

“I am pleased to have worked with FHP to secure this property, which will be an exciting additional to our new Mooch brand that is being rolled out in selected locations nationwide.”

FHP can help your business in advising on property acquisitions throughout the UK. For more information, please contact Tom Wragg on (tom@fhp.co.uk / 07970 168 138).

• Sui Generis – Public House/Drinking Establishment
• Prominent licensed premises off Market Place
• Licensing hours; Sun – Weds 9am-1am and Thurs – Sat 9am-2am
• Redevelopment potential subject to planning
• Nearby occupiers include The Standing Order, Nando’s, The Hideout, The Cube, Pizza Express, Slug & Lettuce and Bear Cafe.
• Potential for vacant possession
• Price on application

• Newly renovated Unique therapy rooms & suites
• All inclusive rents from £100 – £125 per week
• All inclusive rents include; Electricity, water, high speed business Broadband, rates, waste collection. No hidden extras
• Would suit beautician, cosmetics, nail technician, physio, tattooist, artists and many more professions
• Extravagant Grade 2 listed building filled with unique features
• Flexibility to decorate and design your suite
• Parking available
• Occupiers within the vicinity include Bistrot Pierre, Friary Derby, Popworld & The Distillery
• Rooms range from 18m² to 22m²
• Landlord maintains communal waiting rooms, stairwell, fire alarms, emergency lights and building maintenance

• Affordable retail unit
• Walking distance to Derby City Centre
• Ideal starter unit, would suit takeaway, salon, estate agent (subject to planning)
• Nearby operators include Sour Dough, The Club House and Ace Barbers
• Rent – £9,600 per annum
• Available Autumn 2024

• Affordable retail unit
• Walking distance to Derby City Centre
• Ideal starter unit, would suit takeaway, salon, estate agent (subject to planning)
• Nearby operators include Sour Dough, The Club House and Ace Barbers
• Rent – £9,600 per annum
• Available Autumn 2024

FHP are pleased to have acted for the landlord in letting 2c Central Hall to Busy Beans Cafe. Busy Beans are an established local café who are relocating from the Eagle Market to this Derby city centre location.

Tahsin Kambir of Busy Beans commented:

”I have been managing Busy Beans Cafe in Derby city centre since 2012. Relocating my business to this fantastic location and beautiful building is really exciting for everyone in my team.  We always aim to serve fresh, great tasting food and drinks with a friendly service to our customers each time they visit our cafe.  Me and my team can’t wait for refurbishment to complete so we can meet the lovely people of Derbyshire again and serve our extended menu under our new name which will be revealed later.” 

For more information on how FHP can assist in letting your commercial property in and around Derby, please contact Tom Wragg (tom@fhp.co.uk / 07970 168 138) or Corbin Archer (corbin.archer@fhp.co.uk / 07929 716 330).

“The high street is dead”.

That’s the kind of comment we all hear often – it’s easy to say and at a glance there seems to be a lot of evidence to support it. We’d argue on a closer inspection it’s not quite the whole truth.  Yes, there are empty retail and leisure properties throughout Derby city centre, even on the traditional prime retail pitches of St Peters Street and East Street.  Yes, rising inflation has killed some decent businesses.  Yes, levels of rent have dropped in many locations too. Yet in 2023 alone FHP have completed lettings to national chains Boo Burger and Pie Minister who will soon be open for business.

It is also true that when you see a vacant shop, there is often more going on behind the scenes than meets the eye.   A deal yet to complete. Landlord works underway.  A business in insolvency yet to hand the property back to the landlord whose hands are tied. Recent footfall figures tend to support our view with many locations nearing pre-pandemic levels.

Derby city centre has changed over recent years from the ever strong Derbion centre taking the limelight from St Peters Street to the Assembly Rooms fire and migration of the leisure pitch towards the Wardwick and Friar Gate.  However a walk down Sadler Gate still takes you past a vibrant collection of largely independent boutique retailers, cafes, bars and restaurants with some interesting new additions popping up.  Derby is also changing in fascinating ways that are likely to bring people, and thus businesses, back.  For one, the Becketwell regeneration scheme that will bring 259 high quality apartments to the city centre under phase 1 which is nearing completion. Refurbishment of the historic Market Hall is well underway and is an exciting prospect.

Derby ranks far higher on the average UK salaries chart than you might expect (by some sources, number one outside London but we have been unable to verify this claim).  There are 2.2 million people within a 45 minute drive.  It seems clear there are people and there is money looking for a reason to come to Derby and Derby is beginning to provide that reason and we are seeing this reflected in the number and quality of enquiries.

Even where the prevailing assumption of a struggling high street does hold true, we are finding there is still demand from local and regional operators looking for good quality premises at an affordable rent ready for them to fit out and trade from quickly.  This climate favours landlords willing to take a pragmatic and flexible approach and particularly those willing to ensure their vacant premises are ready for action.We say: “the high street is dead, long live the high street!”

ENDS

May 2023

• Close to the entrance of Derbion Shopping Centre
• Pedestrianised city centre location
• Available on short term flexible options
• Rent – £20,000 per annum
• Price £250,000

• Pedestrianised city centre location
• Close to the entrance of Derbion Shopping Centre
• Occupiers in the vicinity include TK Maxx, Nationwide Building Society, The Sweet Emporium and Greggs
• Rent – £32,000 per annum
• Price – £300,000

Acting for Cardzone, Tom Wragg has agreed terms to renew their lease in this popular neighbourhood retail parade just a few miles from Derby City Centre.

Tom Wragg, Associate Director at FHP commented:

“Cardzone are a well-loved family owned brand and a longstanding client of FHP, so I am pleased to have been able to negotiate terms for them to continue in this location.  Rents in Chaddesden have remained pretty solid with limited vacancy and it remains a sought after location however, we were able to negotiate renewal terms that included a rent free incentive”.

If you require advice with lease renewals or rent reviews, whether you are a landlord or tenant, please contact Tom Wragg via email on tom@fhp.co.uk or by phone on 07970 168 138.

• Ideal starter unit
• Free customer parking for 400 cars
• Shopping Centre anchored by Co-op Food, Wilko, Boots, Costa Coffee and Farmfoods
• Other nearby occupiers include Domino’s Pizza, Birds Bakery and Boyz
• Close to the University of Derby
• Rent £13,750 per annum

• Attractive Grade II Listed building
• Ground floor sales with upper floor ancillary accommodation
• Prominent frontage to St John Street
• Prime town centre location
• Nearby occupiers include Costa Coffee, Henmans Menswear and Young Ideas
• Quoting Rent £24,500 per annum