Demand from investors remains strong for retail
1 Feb, 2019
What’s been happening in Worthing town centre over the last 6 months?
There has been a return from investors acquiring retail investments and of late we have seen 34-38 Montague Street sell in auction (where Monsoon & Three trade from), the H&M store on Montague Street sell, and currently on the market are the Subway at 7 Montague Place which is under offer, the former Beales furniture store on South Street, 1-6 Chapel Road which includes Barclays Bank and the upper floors, which went to auction on 4 December and the former RBS branch on Montague Place just released into the market.
The underlining theme with all of these buildings is the ability to readily convert the upper floors into residential in some shape or form, whether it be in the short to medium term. Traditionally there has been little value to retailers in the upper floors above shops so now being able to convert to residential provides landlords with the ability to realise some real value from their investments.
We seem to be returning to days gone by when upper floors were occupied (usually by the proprietor). This could have huge benefit to the town as more people move in, with all of the benefits that has for consumer spend, security and pride in the town.
If you own a retail investment and would like to explore residential development further, feel free to contact us for a free appraisal.