Former Woolworths sites ‘in high demand for leasing’

Posted 31/08/2009

Commercial property sites formerly operated by defunct retailer Woolworths are being leased at a “remarkable” speed, according to new research.

Statistics released by commercial real estate advisor CB Richard Ellis has revealed that 60 per cent of the former Woolworths stores have already been leased, or are currently under offer.

Moreover, the expert states that many sites which currently appear to be un-let may simply be pending legal approval or site refurbishment.

Ciaran Bird, head of UK retail at CB Richard Ellis, suggested that the fast take-up of the Woolworths portfolio is due to the lack of prime retail space in the commercial property market.

He said: “Primary stock shortages will inevitably reappear the moment expansion activity lifts and the Woolworths activity demonstrates how acutely aware retailers are of this happening.”

This comes after the Royal Institution of Chartered Surveyors last month stated that the number of distressed properties being sold on the UK market has increased due in part to the rising number of corporate bankruptcies.