New lettings boost Dales shopping centre

A SERIES of new lettings by property consultants King Sturge has boosted a Yorkshire Dales shopping centre.

Three new lettings, all for previously vacant units at Craven Court Shopping Centre in Skipton, have boosted rental income by around £40,000 a year.

Leeds-based King Sturge acted for landlord Tyburn Lothian No 8 LP in London, following on from attracting national clothing retailer Fat Face at the start of the year.

Richard Padley, a chartered surveyor within King Sturge’s in-town retail team, said: “The new lettings at Craven Court demonstrate that, in spite of increases in VAT and fears over inflation, there is significant renewed confidence in this attractive, well-located centre.

“During the past nine months local interest in the centre has increased dramatically and, with Unit 7 now offer, there are only two vacant units. All the new lettings are to independent, or local, retailers which have returned to the market strongly after 18 months of minimal local enquires, which is very encouraging and highlights that people are starting to regain confidence.”

The lettings include women’s fashion shop Main Boutique, which also has a shop in Addingham and has taken Unit 4 on a five-year lease at an annual rent of £11,000.
 
Start-up speciality cards, gifts and home accessories shop Dandelion has taken Unit 6 on a five-year lease on a stepped rent which will rise to £12,000 a year.

Toy shop Present Planners, which has also a store in Crosshills, has taken a new five-year lease on Unit 12a at a rent of £9,000 a year.

Apothecary II, previously based at Unit 7 Craven Court, has moved across the arcade to Unit 16 at a rent of £20,000 a year.

Unit 7 is now under offer.

The latest spate of lettings means that Craven Court has 8.4% vacancy compared to a national average of 11.4 %. This will reduce to 5.8% if the Unit 7 letting completes.