Retail: Small but wealthy

News

02 October 1993

Le Riches, Safeway and a local Co-op are the three main operators on Guernsey. Safeway has an out-of-town store, while Le Riches has a number of smaller stores and plans to develop a site at St Martins.

Lovell puts prime Guernsey zone As (which are based on the first 20 ft of a shop), in High Street, St Peter Port, at between £55 and £60. Secondary begins at The Pollet, a road which runs into the High Street, and rents start to drop away to as low as £15.

Lovells, acting for a private property company, is offering a 950-sq ft section of 39-41 High Street with a 750-sq ft basement at £50,000 pa.

Burton Group, advised by Hamptons Martel Maides, almost took the property at (G)zone A £55. “That is probably the closest to an open-market deal that has happened in the past few years,” says Peter Le Cheminant. “I think the High Street could get better rents. Our population might number only 60,000, but they are fairly wealthy.”

Lovells is quoting (G)zone A £50 for the only vacant unit on the High Street, nos 39-41. It is acting for a local investor. The unit has a 950-sq ft sales area and has received substantial interest from both local and national companies.

“The Pollet has become more attractive because of the car park,” observes Lovell, “and gets up to (G)zone A £45.” Acting for a local baker, Hamptons let the 900-sq ft 24 The Pollet to a local trader for Gzone A £40 per sq ft.

The secondary market, according to H&B’s David Evans, is less active. “It is pretty quiet,” he says. “There are a number of vacant shops in the old quarter around Mill Street, but it hasn’t been as recession-proof as the High Street.” Le Cheminant puts it more bluntly: “Retail has collapsed in Mill Street.”

Refurbishment is due to begin soon on the old Maples department store, which stands between Smith Street and The Pollet. Advised by Lovells, developer Bilton hopes to start work before the end of the year.

On completion, the scheme will provide a restaurant and 15,000 sq ft of retail which can be divided into two units.

Quoting rents are £165,000 pa for the retail element and £35,000 pa for the restaurant.

During the past few years, Guernsey’s shops have suffered along with the rest of Europe. “The recession has hit the island’s retail market,” says Chris Lovell. “There has been a marked slowdown, but it is not so bad as in the UK. The market is now quietly improving as confidence returns.” Le Riches, Safeway and a local Co-op are the three main operators on Guernsey. Safeway has an out-of-town store, while Le Riches has a number of smaller stores and plans to develop a site at St Martins. Lovell puts prime Guernsey zone As (which are based on the first 20 ft of a shop), in High Street, St Peter Port, at between £55 and £60. Secondary begins at The Pollet, a road which runs into the High Street, and rents start to drop away to as low as £15. Lovells, acting for a private property company, is offering a 950-sq ft section of 39-41 High Street with a 750-sq ft basement at £50,000 pa. Burton Group, advised by Hamptons Martel Maides, almost took the property at (G)zone A £55. “That is probably the closest to an open-market deal that has happened in the past few years,” says Peter Le Cheminant. “I think the High Street could get better rents. Our population might number only 60,000, but they are fairly wealthy.” Lovells is quoting (G)zone A £50 for the only vacant unit on the High Street, nos 39-41. It is acting for a local investor. The unit has a 950-sq ft sales area and has received substantial interest from both local and national companies. “The Pollet has become more attractive because of the car park,” observes Lovell, “and gets up to (G)zone A £45.” Acting for a local baker, Hamptons let the 900-sq ft 24 The Pollet to a local trader for Gzone A £40 per sq ft. The secondary market, according to H&B’s David Evans, is less active. “It is pretty quiet,” he says. “There are a number of vacant shops in the old quarter around Mill Street, but it hasn’t been as recession-proof as the High Street.” Le Cheminant puts it more bluntly: “Retail has collapsed in Mill Street.” Refurbishment is due to begin soon on the old Maples department store, which stands between Smith Street and The Pollet. Advised by Lovells, developer Bilton hopes to start work before the end of the year. On completion, the scheme will provide a restaurant and 15,000 sq ft of retail which can be divided into two units. Quoting rents are £165,000 pa for the retail element and £35,000 pa for the restaurant.