Units filled as rents 'more realistic'
EMPTY units are being snapped up in Swansea as landlords become more realistic with rents, according to a leading city shopkeeper.
Troubled high street sports goods store JJB Sports closed on Union Street in Swansea last month and is already in the process of being fitted out by a replacement tenant.
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John Elliker supervises the removal of the footbridge as demolition work continues at Swansea’s St David’s Shopping Centre
Work is under way to refurbish the New York pub in Princess Way and a commercial development is believed to be being in the early stages of a fit-out in a unit boarded up for several years on the corner of York Street.
Dave Kenny, chairman of Swansea's Business Improvement District, who runs a party shop in Swansea's Shopper's Walk arcade, said: "I have been surrounded by empty units for the past six months and now they are being taken.
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"At the end of the day there is an element that lease prices are coming down to have a property which is encouraging for entrepreneurs or people that want to start their own business.
"It has become more affordable.
"Leases are coming down and the landlords are starting to get realistic, they haven't been realistic for a long time with what they are charging.
"We all know that house prices have been dropping but commercial prices haven't been falling. Now I think it is starting to get much more realistic.
"People are realising this recession is not going to go away."
Household good store Perfect Home has moved into the former JJB Sports unit in Union Street, creating a total of seven jobs. Five of the new staff were previously unemployed, including father of four Martyn Baker.
The 46-year-old sales consultant was out of work for nine months after being made redundant just before Christmas.
He said: "When I got the call to say I had the job it was such a relief, it was a massive pressure lifted."
National clothing chain Quiz has also launched a store in a unit which had been empty for several months in Swansea's Quadrant shopping centre.
The store has also created seven jobs through opening.
Quadrant manager Ian Kirkpatrick said: "Quiz is a successful, fast-growing fashion brand and its new store is a welcome addition to the excellent retail mix we have at the Quadrant."
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Comments
by siarad2
Monday, September 10 2012, 9:28PM
“@Julesbreadbox
You're right! what is needed is customers but there's little political capital in that as it can't be directly linked to jobs & thus praise.
Now we have inflation due to QE & increased taxes limiting customers.
To get jobs customers must be 'manufactured' by stopping QE, reducing VAT & other taxes such as fuel tax plus giving pensioners more money by stopping the tax on unearned income for those below the tax threshold & the similar tax on pension company income. The latter could put £5-10B into the economy in a much better way than giving it to banks to hide away via QE.”
by Julesbreadbox
Monday, September 10 2012, 7:37PM
“The real estate industry in this country still lives in a bubble. It's high time this bubble will finally burst. Rents and sales prices are far from the real value of any property.
But as long as politicians feel giving more and more money to the banks instead of putting it directly into consumers pockets (for example by reducing business rates or solving the problem of ever increasing energy bills) is the way forward, this bubble will be kept on a government life support. Switch this support off, let the bubble burst and give economy a fresh start. What was this slogan of the 60's ? "POWER TO THE PEOPLE!"”
by wyeiphoneman
Monday, September 10 2012, 6:12PM
“So the company they mention 'perfect home' - sounds good, but in reality it is another one of those credit buster companies that charges super high prices and interest for people who don't have much money to rent TV's and computers etc. Not only should they reduce the rent, but they should vet the companies that are coming in, the city does not need any more stores like this, all they do is put a notice out to people that there is no money in Swansea. Next thing you will be saying is that there are another load of pound shops coming in......”