The town centres of Hoddesdon and Cheshunt have lost business to a nearby retail park. But the situation may not be all bad, reports Ian Evans.
Well served by the A10 and situated close to the M25 and north London, the Hoddesdon and Cheshunt area would seem an ideal location for business. But visit the east Hertfordshire towns and you get the feeling that the current property upsurge is passing the area by.
Situated in the artificial district of Broxbourne, the two centres are spread out with the A10 providing the main link between them. The area is primarily a London spill-over and commuter zone that has enjoyed a varying degree of commercial activity in recent years.
Out-of-town magnet
Despite the relative wealth of the area, the town centres of Cheshunt and Hoddesdon are facing lean times, says Simon Beeton at Spall Beeton. He lays much of the blame at the door of the Brookfield Centre – an out-of-town retail park next to the A10 near Cheshunt. He explains: “Retail has always been a bit weak, but the Brookfield Centre has been very damaging. If you’ve got Tesco, Marks & Spencer and Boots on one site with free parking on the doorstep, you don’t stand much of a chance.”
He puts zone A rents in Cheshunt at about £162 per m2 (£15 per sq ft) in a high street with a number of vacant units.
But not all local agents think the same about Brookfield. Paul Wright at Paul Wallace Commercial says: “I don’t think people shopping there would go to Cheshunt town centre. The type of shops there makes it more of a regional centre like Harlow or Enfield.”
While agreeing that Hoddesdon and Cheshunt are not the strongest of shopping areas, Wright adds: “If anything, I think it’s good news. It’s bringing more business generally to Cheshunt. But if people like ‘Joe Bloggs DIY’ say they’ve been hit by the centre, I just don’t agree that the Brookfield Centre has been damaging.”
Beeton believes that the perceived situation could worsen if controversial plans for a neighbouring retail and leisure scheme to the Brookfield Centre on the 10.5ha (26 acre) Canada Fields gets the planning go-ahead. It is currently the subject of a planning inquiry that is not expected to be resolved until next year.
The dispute centres on change of use. The area had been earmarked for employment use but the local council, Broxbourne borough, initially approved three planning applications by two sets of developers for leisure and retail schemes for the site. One is for a 9,290m2 (100,000 sq ft) development by EC Prosser which includes non-food retail and a motor dealership. The other two are included in a proposal by Curson Rochford Developments, a joint venture between Lansbury Holdings and Joseph Rochford &Sons – a 7,432m2 (80,000 sq ft) scheme of which 4,645m2 (50,000 sq ft) is earmarked for non-food retail use and 2,787m2 (30,000 sq ft) for leisure.>
This summer, however, the local authority changed tack again following a consumer study, and decided to support only the EC Prosser plan, which already has permission for the car dealership. That effectively set the two sets of developers against each other, as well as against the inspector. Gerard Wade of Derrick Wade & Waters, which is acting for Curson Rochford alongside King Sturge, says: “It is a strange situation to be in. We think that there is more than enough demand for both schemes, and that there are number of other sites in the area which could be used for other employment use.”
But Beeton adds: “I would be disappointed, if not surprised, if it got the go-ahead. It’s going to have a very, very big impact on local town centres.”
Industrial growth
Like other areas, Broxbourne has seen very little speculative industrial development since the 1980s, but that is changing. One of the largest planned schemes is Manchester-based Co-op Wholesale Society’s 32,515m2 (350,000 sq ft) development park south of Cedars Park in Cheshunt. A planning application, which includes car parking, access and highways and landscaping, has been submitted to the council, which owns part of the site.
Wallace Commercial has sold 9,755m2 (105,000 sq ft) of the former Wrighton Furnishing factory site in Nazeing for an undisclosed client at a freehold price of £592 per m2 (£55 per sq ft). Units range from 139-1,161m2 (1,500-12,500 sq ft) with purchasers acting for themselves. Some 8,826m2 (95,000 sq ft) remains.
The office market is slowly improving, according to Beeton. Turnford Place in Cheshunt is now full, with the last occupier – Royal London Mutual Insurance Society – taking 356m2 (3,830 sq ft) on a 10-year lease for £26,000 in the first year, and £56,000 for years two to five with a break. Derrick Wade is the agent for Capital & Counties.
The 2,954m2 (31,800 sq ft) 1960s-built Britannica House in nearby Waltham Cross is currently being refurbished, with Beeton expecting rents to push £102 per m2 (£9.50 per sq ft). He adds: “It should let because there are few opportunities for that type of space off the M25 near Cheshunt.”
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Transactions
Unit 4-6 Fawkon Walk, Hoddesdon: Retail. Boots has taken 250m2 (2,700 sq ft) at £46,000 pa on a 25-year lease. Wallace Commercial represented owner London & Cambridge Properties. Boots actedfor itself. Nicholson Court, Geddings Road, Hoddesdon: Industrial. Curtain firm Plastic Protection has sublet 278m2 (3,000 sq ft) (left) to Marlagate Engineering, and 418m2 (4,500 sq ft) to PC Care on 15-year leases at £65 per m2 (£6 per sq ft). The two occupiers acted for themselves. Spall Beeton acted for Plastic Protection, which occupies 2,601m2 (28,000 sq ft) on the site. |
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Supermarket showdown
The Broxbourne area is Tesco country. Despite the company’s decision to decamp part of its headquarters operations from Cheshunt to Welwyn Garden City, Tesco iswell represented in east Hertfordshire with a number of modern, large stores in towns such as Hertford, Bishop’s Stortford and, of course, Cheshunt at the Brookfield Centre. Recognising that presence, Sainsbury’s is planning a store (above) on its rival’s doorstep in Hoddesdon, which is also opposite a recently opened Co-op store. The supermarket giant is pledging to create 200 jobs at the proposed store on a 2ha (5 acre) site, off Brewery Road, which is seen as a replacement for its ageing store in Fawkon Walk. Early signs from the local council seem promising, with members welcoming its town-centre credentials and some 400 parking spaces. The plans are expected to be submitted early next year, and with recent changes to PPG 6 and 13, they should get a favourable response. Amberley House and Longford Investments advised Sainsbury’s on the purchase of the site, which was owned by five different companies. |
Cheshunt and Hoddesdon
