News: Retail rate relief in Rotherham town centre
Colliers International has secured a 10% reduction in rateable value on behalf of some Rotherham retailers, including the Co-operative Group. It was granted following a ruling by the Valuation Tribunal Service that reflects the impact of retail closures on the town centre.
Research by Colliers showed that the percentage of units vacant in Rotherham town centre had risen from 6.1% in October 2006 to 23.7% in April 2010. Rotherham Council's Annual Town Centre Survey, which takes into account the effect of new developments such as the redevelopment of the Imperial Buildings, has the figures at 10.3% in 2006 and 20.3% in 2010.
Cian O'Carroll, senior surveyor at Colliers International in Leeds, said: "Whilst there is future development planned and the council has introduced rent incentives that will undoubtedly support retailers in Rotherham, it is imperative that as much as possible is done to ensure the survival of town centre shopping.
"Because of our full service proposition and expertise, our rating, planning, research and retail teams have been able to collaborate and explore all possible avenues to save money for operators and a reduction in rateable value can contribute significantly."
The town is seeing a number of vacant units being taken up by national retaliers with The Works bookstore opening earlier this month.
Rotherham Borough Council's Business & Retail Investment Manager, Tim O'Connell, said: "It's great to see units becoming occupied again especially with well known chains such as The Works. The new store is creating six new jobs in the town centre and introduces a new offer for our shoppers.
"To add to this good news, we also know that there is a high level of interest in the units next door on Effingham Street – the former Birthdays and Bay Trading units – so things are looking extremely positive for the town centre.
"The agents representing the former Big Store on Fredrick Street also inform us that a well known national retailer will be fitting out shortly."
Colliers Midsummer Retail Report highlighted that locations such as Rotherham had been a real victim of the credit crunch. Sarah Banfield, Senior Research Analyst at Colliers said: "Whilst pound shops and other value retailers have offered a solution for many desperate landlords in these towns, this sector is now reaching maturity meaning the business model no longer provides the same level of opportunity for growth.
"The market as a whole may be seeing a resurgence in demand from consumers but the real challenge will be how the UK's high streets can reinvent themselves in the face of a continued lack of demand from retailers."
The Business Vitality Grant scheme, funded by Rotherham Borough Council and developed by its Town Centre Management team, is going a long way to attract independent retailers to the town.
Tim O'Connell added: "As a council we, have just approved our 9th business vitality grant. A coffee shop & patisserie, a one-stop wedding shop, another coffee shop and a prom and evening wear boutique are all set to open in the next two months, meaning the shopping offer in Rotherham is set to improve further."
Rotherham Town Centre website
Colliers report
Images: Lambert Smith Hampton
Research by Colliers showed that the percentage of units vacant in Rotherham town centre had risen from 6.1% in October 2006 to 23.7% in April 2010. Rotherham Council's Annual Town Centre Survey, which takes into account the effect of new developments such as the redevelopment of the Imperial Buildings, has the figures at 10.3% in 2006 and 20.3% in 2010.
Cian O'Carroll, senior surveyor at Colliers International in Leeds, said: "Whilst there is future development planned and the council has introduced rent incentives that will undoubtedly support retailers in Rotherham, it is imperative that as much as possible is done to ensure the survival of town centre shopping.
"Because of our full service proposition and expertise, our rating, planning, research and retail teams have been able to collaborate and explore all possible avenues to save money for operators and a reduction in rateable value can contribute significantly."
The town is seeing a number of vacant units being taken up by national retaliers with The Works bookstore opening earlier this month.
Rotherham Borough Council's Business & Retail Investment Manager, Tim O'Connell, said: "It's great to see units becoming occupied again especially with well known chains such as The Works. The new store is creating six new jobs in the town centre and introduces a new offer for our shoppers.
"To add to this good news, we also know that there is a high level of interest in the units next door on Effingham Street – the former Birthdays and Bay Trading units – so things are looking extremely positive for the town centre.
"The agents representing the former Big Store on Fredrick Street also inform us that a well known national retailer will be fitting out shortly."
Colliers Midsummer Retail Report highlighted that locations such as Rotherham had been a real victim of the credit crunch. Sarah Banfield, Senior Research Analyst at Colliers said: "Whilst pound shops and other value retailers have offered a solution for many desperate landlords in these towns, this sector is now reaching maturity meaning the business model no longer provides the same level of opportunity for growth.
"The market as a whole may be seeing a resurgence in demand from consumers but the real challenge will be how the UK's high streets can reinvent themselves in the face of a continued lack of demand from retailers."
The Business Vitality Grant scheme, funded by Rotherham Borough Council and developed by its Town Centre Management team, is going a long way to attract independent retailers to the town.
Tim O'Connell added: "As a council we, have just approved our 9th business vitality grant. A coffee shop & patisserie, a one-stop wedding shop, another coffee shop and a prom and evening wear boutique are all set to open in the next two months, meaning the shopping offer in Rotherham is set to improve further."
Rotherham Town Centre website
Colliers report
Images: Lambert Smith Hampton
0 comments:
Post a Comment