Union Street Overhead Dip Provides Occupier Opportunity……
Union Street remains Aberdeen’s main commercial thoroughfare despite the pressures of covered shopping malls.
Rents on Union Street have fallen in recent years, giving an opportunity for occupiers, who could not have previously afforded the overheads, to secure premises in such a high profile, high footfall location.
This is illustrated by the availability of the prime unit at 131 Union Street, currently occupied by Thorntons who will vacate the unit in March due to a lease expiry.
Agents FG Burnett will be marketing the unit with an asking rent of £55,000 per annum; Thorntons had been paying an annual rent of £98,000. The unit provides sales accommodation of 798 sq.ft at ground floor, with storage/staff facilities at lower levels. The rateable value will also reduce from 1st April 2017.
Richard Noble, Managing Director at FG Burnett comments:
“This is an excellent opportunity for a retailer to take advantage of overheads which have become much more manageable in relation to a unit a stone’s throw from Primark, The Trinity Centre and a host of national retailers. The majority of the blocks on Union Street have become much more affordable in recent years, with landlords also prepared to consider shorter term leases than may have traditionally been the case.”