GARNER
WOOD

Commercial Property Surveyors, Valuers & Estate Agents
     
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bringing property into perspective

Music Retailer moves into Southsea Agency Partnership pays dividends

Music Retailer moves into Southsea Agency Partnership pays dividends

Sanity, an Australian based music retailer with a fast growing UK presence has taken space in Southsea Shopping Centre. The retailer of CD's and DVD's now has approximately 130 stores across the UK, many of which were acquired as part of a package of former Our Price stores. The new Southsea branch provides Palmerston Road precinct with a dedicated music retailer for the first time in recent years.

The letting represents more positive news for Southsea in its aim to establish itself as the Specialist Shopping destination in Portsmouth. A program of proactive asset management between Portsmouth City Council and its letting agents Garner Wood has seen a string of lettings to quality retailers within the precinct including Laura Ashley, East Ladieswear and Heidi's Swiss Patisserie. The letting to Sanity is particular satisfying for those parties involved as the previous tenant of the unit had been trying to assign their interest to a charity shop. Steps were taken to ensure that control was retained of the situation and Sanity were subsequently introduced as suitable replacement tenants.

Tim Clark of Garner Wood who advised Portsmouth City Council, confirmed the letting was good news, improving to Southsea's retail offer "Sanity is an interesting addition and should boost the Centre's appeal to younger shoppers. Mr Clark stated that "The transaction also highlights what can be achieved through proactive management. The type of retailer taking space within a Centre sends out an important message to other traders considering opportunities for retailing that a centre may offer. In this instance a charity shop had been keen to take the unit and whilst this type of use has a role in the overall retail offer of any centre, it can result in a negative message being provided to both existing retailers and potential new tenants if prime retail space is acquired by them." Mr Clark is of the opinion that Southsea has been improving as a retail destination over the last few years and will continue to progress. "It is important to realise that as well as those lettings achieved within the Palmerston Road precinct, the efforts of local retailers have been having a positive effect on the overall appearance of Southsea as a retail destination. Marmion Road in particular has seen a number of new lettings and retailers taking advantage of the English Heritage Grant Scheme to improve the external appearance of their properties. The result has been that we are now receiving enquiries from increasing numbers of better quality retailers about opportunities within Southsea."

     

Garner Wood, Atlantic House, 114 Kingston Crescent, Portsmouth, PO2 8AL
Tel: 023 9262 9000 Fax: 023 9262 9001
E-mail: property@garnerwood.co.uk

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