There is “high demand” for new properties in Bath of national and high-end independent retailers, synonymous with success in breathing new life into the city center.
Figures released by Bath and North East Somerset Council reveal 32 new rentals have been completed in this financial year so far, with a further 16 properties in the pipeline.
The strongest demand comes from the food and beverage sector with Italian restaurant Floriani set to open in Milsom Street. Robyn’s Yoga Studio, Blomme Flowers and Cream Cornwall join in revitalizing the upper town.
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A commercial property report presented to the council’s PDS panel on April 21 says the lettings will generate more than £1m of new lettings for the financial years spanning 2021/22 and 2022/23.
The council has nine additional properties in its commercial estate currently available to let as part of its drive to bring vacant units back into service and boost the council’s income, which is expected to generate a further £250,000.
The report also states that the council reduced the amount of rent arrears owed by tenants from £8.9m in April 2021 to £4.4m in April 2022, a total reduction of 51%.
The council’s income from commercial properties feeds into its budget as a source of funding that helps deliver frontline services.
The council also helps businesses thrive in Bath through its business and skills team Invest in Bathwhich offers tailored support to businesses of all stages and sizes, including 1-1 advice, signposting to grant funding, and marketing and strategy support.
Councilor Richard Samuel, Deputy Chief and Cabinet Member for Economic Development and Resources, said: “While the commercial market has been challenging due to changing demand from the retail sector, the Bath’s excellent location and proximity to a number of tourist attractions means we have also seen strong demand from a mix of high-end local retailers and national retailers.
“We are committed to bringing businesses back to the city and supporting them after a difficult few years. I was walking around the city center this weekend and there were lots of people enjoying our bars, restaurants and shops.
“However, there is a caveat. Uncertainty about the future course of the pandemic and the impact of high inflation may well influence future trends, but our latest commercial rental figures are a great indication of the recovery of our high streets. I am happy that we are able to play our part in supporting this journey for companies. »
Pre-loved menswear retailer Alfred’s has taken up a unit at 27 Walcot Street in addition to its existing store in Bradford-on-Avon.
Edward Leach of Alfred’s said: ‘Alfred’s is an independent retailer of new and nearly new menswear and accessories, bringing an underrepresented market to Bath and Bradford on Avon. We have a wide range to suit all styles and will accept good quality items from the public, paying a 50% commission on the sale. Do not hesitate to come see us or contact us to find out more.
The council shopping center at 15 New Bond Street is open for commercial property rental services Monday to Thursday, and is available for use by local merchants as a weekend pop-up shop.