Cooke & Arkwright
News
Wonder of Woolies locations
18/02/2010
Several former Woolworths stores that had left big gaps in the retail offering on high streets across South Wales, have now been let and are occupied by well known names that are helping to revitalise the town centres.
Cooke & Arkwright has let a number of properties on behalf of a variety of landlords in locations in the South West and Manchester, as well as South Wales, to stores including Iceland, Poundland, B & M Stores and Original Factory Shop.
Director Huw Thomas said that he had generally been very pleased by the interest shown in all the properties by a wide range of retailers. “Depending on the location and type or size of premises, we have received interest from Argos, Bon Marché, Homebargains, Mackays, New Look, Original Factory Shop, Poundstretcher, Peacocks, Sainsbury’s and Tescos,” he said. “The interest shown reflects the fact that the majority are all situated in prime locations and they are of a decent size, generally providing a trading area of between 5,000 and 10,000 sq ft. This has made them attractive to a variety of retailers looking to take advantage of the fact that properties of such size in prominent locations do not become available very often.”
Mr Thomas said that Iceland has moved into locations in Abertillery, Ammanford and Tonypandy; B&M has taken space in Porthcawl; Poundland in Neath; and Cool Trader in Northenden, Manchester. He also revealed that there were interested parties in three properties that Cooke & Arkwright continues to market in Blackwood, Milford Haven and Tiverton in Devon, while a former Woolworths in Porth is a new instruction.
“The closure of the Woolworth’s stores had been a bitter blow in all these locations,” said Mr Thomas. “Due to the size and situation of the towns, they had acted as anchor stores and their loss was detrimental to the critical mass of the retail offering.”
Mr Thomas said that in the main, higher rents had been secured than were formerly being paid by Woolworths and leases had been signed for between 10 and 15 years. “Eighteen month packages have not been unusual. However, despite the high level of interest shown, landlords have been quite pragmatic in granting some attractive incentives to reflect the condition of the properties and current market conditions.”
Pictured: Huw Thomas outside Poundland, Neath