Colliers: Retail rents continue to soften

Retail rents in the North West continued to fall in line with the national trend in the past year but at a greater rate of decline, according to the Colliers International Midsummer Retail Report 2012 launched on Wednesday at an event at Argent's The Hive in Manchester.

Greg Styles, head of retail development at Colliers, said: "Rents in the larger centres and regional hubs have on the whole remained robust but of these centres, only Chester enjoyed marked rental growth.

"Just three places overall enjoyed rental growth, with the others being Ellesmere Port and Widnes. The recovery in Widnes is in part because of the improved tenant line up for the town following the opening of the 150,000 sq ft Widnes Shopping Park in 2010.

"The most significant levels of rental decline have been in peripheral secondary towns in the North West. The worst performing of these towns have been Birkenhead and Whitehaven which have seen falls of 20% and 25% respectively. In Birkenhead some of this decline has been attributed to the opening of a new 90,000 sq ft Asda foodstore at the end of 2011."

Colliers' figures for North West retail prime rents

Centre

2011

2012

% Change

Birkenhead

100

80

-20.0

Bootle

60

55

-8.3

Ellesmere Port

40

45

12.5

Liverpool

265

265

0.0

Southport

60

60

0.0

St Helens

90

85

-5.6

Altrincham

80

70

-12.5

Ashton-under-Lyne

85

80

-5.9

Barrow-in-Furness

50

45

-10.0

Blackburn

120

110

-8.3

Blackpool

100

90

-10.0

Bolton

105

100

-4.8

Burnley

80

80

0.0

Bury

110

100

-9.1

Carlisle

120

110

-8.3

Chester

195

200

2.6

Chorley

60

55

-8.3

Crewe

60

55

-8.3

Kendal

65

60

-7.7

Lancaster

105

100

-4.8

Macclesfield

80

75

-6.3

Manchester

250

250

0.0

Northwich

50

45

-10.0

Oldham

90

80

-11.1

Preston

130

115

-11.5

Rochdale

75

65

-13.3

Runcorn

50

50

0.0

Sale

40

40

0.0

Salford

50

50

0.0

St Annes on Sea

40

40

0.0

Stockport

145

135

-6.9

Stretford

60

60

0.0

Trafford Centre

400

400

0.0

Warrington

90

85

-5.6

Whitehaven

40

30

-25.0

Widnes

50

55

10.0

Wigan

90

90

0.0

Wilmslow

65

65

0.0

Workington

50

50

0.0

NW average

97.3

92.9

-4.5

UK average

111.1

109.8

-1.2

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