String of retail deals ‘show resilience on the high street’
Businesses are still planning positively for the future on high streets across the West Midlands despite COVID-19, says a property firm which has overseen a string of retail deals.
Recent deals by Bond Wolfe Commercial include a five-year lease for a French-style barbers shop and a restaurant and champagne bar in a double-fronted unit at 6 to 8 Alcester Road in Kings Heath, Birmingham.
The high street premises include 1,439 sq ft on the ground floor and 433 sq ft on the first floor, and have been let £40,000 a year.
Further up the same parade, a clothing store has taken out a five-year lease at £20,000 a year for 20 Alcester Road, a two-storey unit that was formerly used as a coffee shop.
And nearby two-storey premises with a ground floor retail unit at 28 Alcester Road, which previously housed a charity shop, are currently under offer to a specialist Moroccan furniture retailer on a 10-year lease.
Over in Walsall, a creative studio, arts and community hub has taken a five-year lease on Units 2 and 3 in a Grade II-listed former Victorian pub conversion at 7 to 19 Leicester Street.
Meanwhile, a 753 sq ft ground floor shop at 6 Bridge Street in Walsall has been let to an adult gaming business for £15,000 a year on a three-year lease.
Up the road, a hair and beauty salon has taken a five-year lease on a 555 sq ft retail unit at 15 Bridge Street, for a rent rising to £15,000 a year.
In West Bromwich, a Caribbean takeaway business has taken a 745 sq ft ground floor space at Unit 3 in the West Gate Plaza, on Moor Street, for £14,400 a year on a three-year lease.
And a two-story, mid-terraced retail property with 1,233 sq ft of space at 261 High Street in West Bromwich has been purchased for £205,000, with the new owner currently renovating.
James Mattin, chief executive of Bond Wolfe Commercial, said: “The economy has had a tough time across the UK, with pandemic lockdowns hitting retailers and restaurants particularly hard.
“But here in the West Midlands we’re still seeing a lot of interest in available units, with businesses taking the medium and long-term view that trading will return and that now is the time to plan for when restrictions are lifted.”