Merseyway outperforming regional rivals says GVA

STOCKPORT’S Merseyway shopping centre is performing better than its regional peers, according to statistics compiled by property agent GVA, which manages the centre.

And the rental value of its shops and those for Stockport as a whole have declined by less than other retail offerings in the region during the much-reported challenges on the high street..

GVA’s figures show that 10 of the 102 units  at Merseyway are standing empty, compared to 21 out of 71 units (30% at Market Place in Bolton being unoccupied, 18 of 83 units (22%) at Town Square/Spindles, Oldham being empty and six out of 27 stores (22%) at the Wheatsheaf Centre in Rochdale.

In terms of prime retail rental values, Stockport as a whole has seen a 46%  drop from £180 per sq ft to £100 per sq ft between 2008 and 2013.

Other towns in the North West have also been hit harder. For example, Altrincham has seen values drop by 55% in the past five years, Bolton and Oldham have both suffered falls of 54% per sq ft respectively and Southport and Chester endured declines of 50% and 51% respectively.

Warrington was the only town in the North West to record a percentage fall in rental values that was less than that for Stockport – its values dropped by
43% from £140 to £80 in the past five years.

Jacqueline O’Shea, director of property agents GVA and managing agent of Merseyway, said: “The economic downturn has indeed blighted Britain’s high streets and left the scar of many empty retail units but Merseyway continues to outperform its rival regional shopping centres in the North West.

“The centre provides the right mix and range of brand retailers for its target market of customers in Stockport and south Manchester and although we’re obviously not happy to see 10 empty shops and continue to strive for maximum occupancy, we are confident of that number being reduced with further lettings to local and national retailers in 2013.”