Lack of retail site supply sees rents soar

Prime retail sites in Leeds have seen rents rise by up to 80 per cent in the last two years due to the lack of supply in the city, according to new research.
By The Newsroom
Published 3rd Nov 2011, 09:56 BST

Leeds-based property consultants Barker Proudlove said recent transactions in the Briggate area, which is home to Topshop, M&S, House of Fraser and Debenhams, showed a large increase on the low of £150 per sq ft in 2008/2009.

Recent lettings include coffee shop chain Costa and L’Occittane, which achieved £205 per sq ft and £270 per sq ft in rent respectively.

Hide Ad
Hide Ad

Jonathan Newns, a director at Barker Proudlove, said: “The recent increase in rental tone is largely due to the lack of supply of units in the prime areas. Demand remains fairly fragile, but there are a healthy number of retailers still keen to secure space in Leeds. This resultant demand is out-stripping supply resulting in landlords being able to recoup some of the rental value lost since 2008.”

Mr Newns said rental growth has been boosted by lettings at the Trinity Leeds shopping development, which was giving retailers further confidence in the city.

Related topics:Trinity LeedsDebenhamsHouse of Fraser