In brief...: New clients help avoid retail slump

Apr 11 2008

PALACEGrounds Retail Park in Hamilton has bucked the dramatic downturn in the retail warehouse sector and secured new clients.

Vacancy rates have been soaring as big box retailers such as B&Q, Focus, Matalan, Homebase and Currys downsize and others such as Choices UK, GlynWebb, Klaussner and Right Price Tiles close down.

But in Hamilton, property agents Jones Lang LaSalle and BTW Shiells secured three new lettings to Argos, Maplin and Homestyle.

They are moving into a unit formerly occupied by electronics retailer Powerhouse, which went into receivership in 2006. The existing unit was extended to 20,000 sq ft and sub-divided into three Argos has taken a 10,000 sq ft unit at £200,000 per annum (£20 per sq ft). Maplin and Homestyle have each taken a 5,000 sq ft unit at £105,000 per annum (£21 per sq ft).

Only a new restaurant unit of 3,000 sqft remains available to let. Agents say it is attracting interest from local and national restaurant operators.