17th February 2015
Truro city centre lettings sign of renewed market confidence
Property consultancy Alder King has finalised two lettings in Truro city centre to the fashion retailer East and Cornish social enterprise Community Energy Plus. Both transactions demonstrate renewed confidence and activity in the city’s property market.
Fashion retailer East, currently located on Pydar Street, has confirmed it will relocate later this year to the former Country Casuals unit at 9 St Nicholas Street. The property, which includes a ground floor retail unit and staff accommodation on the first floor, was temporarily occupied by Hawkins Bazaar (pictured above) but is now being fitted out by East prior to its relocation later this year.
East has taken the unit on a new 10 year lease at an annual rent of £65,000 per annum. It was represented by retained agent Douglas Struth & Partners. Alder King acted for the landlord, the Marley Pension Fund.
At 35 River Street, Alder King has also secured a tenant for the top three floors of office accommodation above the Ladbrokes shop. Community Energy Plus, an award-winning social enterprise that helps householders in Cornwall address fuel poverty, energy efficiency and sustainable energy issues, has taken the accommodation on a new five year sub-lease at the asking rent of £9,750 per annum.
The accommodation is unusual in having its own ground floor entrance at the back of the building, together with its own dedicated parking space. It has also recently been refurbished to provide two floors of office space with storage capacity on the top floor.
Tom Duncan, associate at Alder King’s Truro office, said: “Truro’s retail vacancy rates – already below the national average – dropped further last year so it’s hardly surprising that the former Country Casuals unit was snapped up so quickly by one of the national multiples.
“We also saw the Ladbrokes office accommodation generating strong interest, no doubt because of its central location, independent access and parking space.”