RETAIL outlets including c-stores and forecourts were among the star performers on the business sales scene last year. And despite a number of challenges in the retail industry values are likely to grow significantly in 2016 also.
That’s the message in the latest of business property agent Christie + Co’s annual Business Outlook reports.#
The report shows average retail business selling prices across the UK increased by 10.3% in 2015. That’s slightly down on the 11.3% recorded the year before but ahead of all the other sectors included in the study such as pubs, hotels, care homes and medical facilities.
In the report Christie + Co’s managing director, retail Steve Rodell said independent forecourts now accounted for 70% of sites and had benefitted from the oil price collapse and an increasing number of light vans on the road, possibly a result of an increase in home deliveries.
Convenience retailing had grown by 5% over the year and multiple grocers were still seeking sites. And there had been “a strong resurgence amongst independents acquiring lower tier assets” and that had increased the number of independents by 3.4% over the year.
The introduction of the National Living Wage, changes to rates administration, and the possible liberalising of Sunday trading laws south of the border are concerns he said. But he remains optimistic and said: “Trading fundamentals driven by consumer behaviour will enable continued demand for good convenience locations.”