How To: Avoid – The Void
2020: Floods, Lockdowns, Restrictions, Coronavirus is the story we have all come to know. There is, however, a new story being written: Shrewsbury is bouncing back, evolving and making the preparations it needs to survive.
Local Landlords Marshall & Marshall Ltd are a case in point, part of their portfolio has contained five retail properties where the existing leases’ came to a natural end between March and September 2020.
The properties concerned were mainly in the town centre, and beyond, at Frankwell, Wyle Cop, Market Street, Claremont Hill and Conway Drive. One may be forgiven for assuming during this turbulent time that these shop properties would experience lengthy void periods as a result. The reality is, however, that each of the properties were re-let without experiencing any void period whatsoever and half of the properties were let within just days of commencing the marketing.
Alessio Dyfnallt MRICS, Director and Commercial Agent at Cooper Green Pooks commented ‘One occurrence could be attributed to bucking the trend, two occurrences possibly put down to a happy coincidence, but five show there is a formula that really works. There are tenants who are hardworking entrepreneurs; who see online and high street presence as being strings to the same bow and are to be applauded for their foresight. A fine line and skilful negotiation to support the incoming tenant to new premises and satisfy the landlords needs is vital but at this time, we are seeing often the secret for the landlords avoiding the void so adeptly and consistently, is by exhibiting a demonstrable willingness to work with their incoming tenants particularly on lease terms and assisting with fit outs, whilst keeping rents affordable.
During the course of the moving in process, the landlord worked closely to accommodate tenants and to aid their fit out programs and timings, whilst also working with the outgoing tenant, some of which have been in occupation of the same premises for many years.
There is no doubt, when comparing footfall figures with other locations within an hour of Shrewsbury, that the County Town is winning the race to recover and maintain strong trading conditions. As a firm, we are currently inundated with retail enquires with multiple prospective tenants competing to lease shops. There will no doubt be further units that become available, but with such encouraging trends, landlords should be confident of filling these voids quickly’.
For further information contact Alessio Dyfnallt at Cooper Green Pooks email@example.com