Independent retail market 'resilient' after challenging year
- Credit: SUSHI & SALAD ELY
Independent businesses opening and lease renewals are among the reasons why Ely's retail market is picking up, say East Anglian property company Cheffins.
The market for retail property in the city centre, they say, has "shown resilience" over the past 12 months.
The most recent new store to open is the Cow on the Ice gift shop, which has taken the place of Clipso hair salon at 32A, High Street.
The 416 sqft Grade I listed unit was let by Cheffins on behalf of the Chapter of the Holy and Undivided Trinity of Ely and opened on April 17.
In addition to new lettings, Café Nero at 11 High Street also had its lease renewed for another five years.
Over the course of the last 12 months, Cheffins has successfully renewed leases to Julia’s Tea Room at 16-18 High Street and Price Bailey at 6 High Street.
On July, 9 High Street Passage was let to Sushi and Salad while, in September, 1 High Street Passage was let to Pure Ely Aesthetics Limited for a term of five years.
Luke Davenport, commercial surveyor at Cheffins, said: “The market for retail property in Ely has remained resilient throughout the past year in spite of the coronavirus outbreak.
"As a small city with a focus on independent retailers, demand for city centre units in good locations has been very promising.
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"As is always the case, location and affordability are key factors affecting demand.
"Ely remains relatively affordable in comparison to Cambridge which has helped ensure it retains an interesting and individual tenant mix, with a good contingent of independent traders alongside high street brands.
"The Cheffins commercial management team has also reported strong trade in the city, with the entirety of the commercial portfolio fully let bar from one which is currently seeing high levels of enquiries and is likely to be let in the coming weeks.”