Demand grows for Fareham retail sites as units snapped up

Demand grows for Fareham retail sites

Demand grows for Fareham retail sites

First published in News

THREE adjacent retail units have been sold freehold in separate deals through commercial property consultancy Hughes Ellard.

Numbers 4, 5 and 6 Savoy Buildings, West Street, Fareham, all have new owners after the properties – a former Art Deco-style cinema – exchanged hands.

Tim Clark, retail and leisure specialist at Fareham-based Hughes Ellard, said: “The rapid succession of purchases indicates strong demand for good town centre locations.”

Number 4, entirely let to WHSmith at £80,000 per annum, with the lease expiring in November 2019, was acquired by a private investor for £890,000 in auction. Hughes Ellard and Acuitus acted as joint auctioneers.

Number 5 was sold to Eden Mobility, now the UK’s largest mobility retailer, for an undisclosed figure. The store was previously occupied by shoe chain Stead & Simpson.

Again for an undisclosed figure, number 6 was sold to a private investor who has subsequently let the store to CeX – entertainment exchangers.

Hughes Ellard sold all three properties on the instructions of a family trust.

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