July 2023 – Commercial, Leisure and Investment Update

Commercial market update July 2023

Contrary to expectations, Vickery Holman are reporting better than expected market activity in Devon and Cornwall. ‘We’re completing on retail units in Plymouth city centre and seeing both small and large units going under offer, when we might have forecast a slower market for retail units based on the last few years and the beleaguered High Street. It’s good news for Plymouth and shoppers, as a vibrant shopping centre is a draw for locals and tourists alike.’ Comments Joanne High, Head of Agency at Vickery Holman. ‘Across Agency, Vickery Holman are seeing activity levels which are higher than they have been since March 2020 with our agents in Cornwall also reporting high activity levels.’

‘While the picture is mixed, the investment market is still defying expectations and attracting investors in the Southwest, especially on smaller lot sizes. The SW industrial sector remains particularly strong amidst a more varied national picture. Low void rates, a restricted supply of quality units, and continued demand have been sustaining rents and underpinning investors’ confidence.’  Says Clare Cochrane, Investment consultant.

Coastal towns have remained popular throughout 2023. ‘We recently completed a deal on a retail unit in an excellent location in Dartmouth. This was an off-market deal, demonstrating that the old adage about location, location, location is still as true as ever. Of course, it’s not just location but the quality of the unit that makes it so appealing to tenants.’ Added Zach Maiden , Head of Exeter Office.

Michael Easton heads up the Leisure and Hospitality team at Vickery Holman and says that the summer will see a number of high profile deals going through. ‘The start to the year was slow, but given the economic climate this came as no great surprise. What has been encouraging is more recent activity levels, and I’m completing on some very good deals on leisure properties, which reflect the continued interest in the South West for tourism and hospitality.’ Mike comments. In fact, two Leisure deals have just gone though, bringing a new Spanish restaurant to Saltash and seeing new tenants at the Robertes Arms. Acting on behalf of owners Keltek brewery, we have agreed terms with Lee Hodge and his family for them to take the helm at this popular village inn. Lee lives in the village and has been in the trade for many years working at other local venues, this being his first opportunity to work for himself.

Vickery Holman covers the South West and offers commercial agency services along with specialist advice on development and investment opportunities.

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