Prime Retail Unit in Chichester Let to Holland and Barrett
Friday 24 January 2025
The retail market in Chichester over the last 12 to 18 months has been positive with strong occupier demand and rents increasing from their rebased levels following the pandemic, which was evident in this transaction.
The property comprises an attractive Grade II Listed building, situated on the northern side of East Street, close to the Market Cross, in the most desirable pitch in Chichester. The property in total offered just over 3,000 sq ft.
We originally let the property in the summer of 2023 to Black Sheep Coffee at around £105 Zone A, but subsequently they never fitted out. During this period, we received various approaches from occupiers who were interested in the space.
In the end, we were able to agree surrender terms with Black Sheep Coffee and terms of a new lease with Holland and Barrett at a rent reflecting a Zone A north of £120. Holland and Barrett have been trading on North Street for many years and are one of several occupiers who have decided to up size and/or improve their position in Chichester.
Director, Sebastian Martin, commented, “We have found over the last 12 months a notable improvement in the quality and type of occupiers who are looking at vacant space in the city. There has been some good rental growth, which is evident in this letting. We are confident that these trends will continue into the next year and the outlook for retail generally is positive at the moment”.
