Sanderson doubts over report on vacancy numbers

The report by Local Data Company said town centre vacancy rates in the UK rose from 12 per cent to 14.5 per cent by the end of 2010 with vacancy rates higher in the north than the south.

The findings show that some of the worst towns and cities affected by the vacancies are in Yorkshire and Humber. Rotherham had the largest number of vacant shops, with Sheffield, Bradford and Leeds all hot on its heels.

However, Richard Webster at Sanderson Weatherall in Leeds questioned the findings, saying retail in the Leeds area performed better last year than in 2009. “I am very surprised vacancy rates in this survey have gone up, in my view the market in Leeds and many surrounding areas has improved in the last 12 months,” he said.

“There have been fewer administrations and many established high street names have been able to take advantage of lower rents, moving to new premises and opening the door for new and smaller retailers to secure representation in pitches previously considered out of their reach.”

Mr Webster argued that figures for vacancy rates are always open to interpretation. For example, he said the refurbishment of The Headrow Shopping Centre in Leeds, re-branded as The Core, has brought ‘new units’ to the market.

Retail schemes in Barnsley, Bradford and Sheffield have been put on hold but the combined opening of Trinity Walk in Wakefield and Trinity Leeds, suggest increased confidence in the region.

He added: “There is no doubting the fact that certain towns and cities have fared less well than others, but it’s the same picture nationwide.”

Mr Webster said there has been a fall in rental values over the last few years. Rents on Briggate, Leeds, peaked at circa £305 in late 2008 but since then deals have been concluded at levels between £270 and £150 Zone A.

He added: “Issues such as the duration of leases, tenant incentives, lettings at base rents with provisions for a turnover top-up have distorted the picture somewhat. In addition, a lack of transparency in recent deals has made it difficult to accurately analyse lettings.”