Revealed: How much to rent former high street store
- Credit: Roche
The price-tag on a former massive shop store in the centre of Norwich has been revealed.
The shop unit in St Stephen's Street, once housed Argos and is situated close to the unit, also up for rent, formerly occupied by BHS and after that, Primark.
The agents Roche have stated it is up for grabs for £8,750 a month - which equates to £105,000 a year plus £3,106 in annual service charges and undisclosed rates on top.
It comes as Norwich has other former department store buildings up for sale or rent including Debenhams, Topshop and several units in the Royal Arcade including the one formerly occupied by Jamie's Italian restaurant.
And with the change in shopping habits as a result of Covid, it could be that rents are too high for a single retailer. But with investor owners not wanting to reduce the rentals, it prompts the need for a change in use.
Nick Dunn, a partner in commercial, Brown & Co, said: "Some of these big department store buildings are going to find it difficult to find an occupier.
"So they've got to look at alternative uses such as mixed use with residential on the upper floors and retail, leisure or community use on the ground floor.
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"This can breathe life into the city but some may argue that it's not good for other retailers. So there's a battle raging."
He said the vacant units could attract independent retailers in. "It's how retailers tempt people in off their sofas...they need to offer excellent customer service and the customer needs to be able to feel and touch the product, it's the experience, so I don't think department stores have had their day."