In-Town: Chichester - East Street
Chichester – East Street
Client: Kier Property
Instruction: Letting new retail shop units
Kier Property instructed us to advise them on the design and letting of the retail element of their redevelopment of the former Shippam’s site at East Street, Chichester. This site had been identified by the Local Authority for retail development for a number of years and our client successfully negotiated a planning permission for a mixed residential/retail development.
In retail terms, this site occupied a secondary pitch at the end of East Street, some distance from prime pitch in the city, which is concentrated around “The Cross”. Our client proposed some 35,000 sq ft of retail accommodation arranged on ground and first floor levels and sought our advice regarding tenant demand, design, layout and potential values. Our knowledge of retailing in Chichester, coupled with our understanding of retailers’ requirements for the town and appreciation of rental values enabled us to provide Kier with confidence to start on site construction without pre-lettings in place.
We understood the strength of retailer demand that existed for representation in Chichester, especially for modern, large retail units, few of which existed in this historic centre. Negotiations were opened with a limited number of retailers and lease terms were subsequently agreed with two fashion retailers, H&M and New Look, who took units of 18,200 sq ft and 14,725 sq ft respectively.
Our knowledge of retailer requirements and values in Chichester enabled us to provide expert advice to Kier Property and ensure that the retail accommodation of the new development was fully let upon completion.