Eastgate Centre empties

January 20, 2010 · Filed Under Business, Development, Nairn 

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zara

Another shop leaving the Eastgate Centre in Inverness – this time Zara, and they’re going voluntarily.

Rents in Eastgate are already in the region of £150,000 per annum, but according to the BBC report, Zara are leaving because rents are to be increased further.

Which really underlines the madness of the Inverness retail sector – despite the number of shops being decimated by the recession, landlords there just don’t have a clue, and are asking for high lease terms despite the fact that it’s a buyer’s market.

If you want to know why Inverness town centre is being so badly affected by the downturn, you only have to look to greedy and stupid landlords who would rather have an empty building earning no money, than dare ask for a reasonable if lower rental income.

In the meantime, there’s very limited retail demand in Inverness, and a glut of empty properties available.

The Eastgate Centre also claims it has 9 million customers and offers “the largest catchment population in Europe” – quite a feat considering the entire Scottish Highlands has a population of only around 200,000!!

Nairn’s high street is currently doing well because there are only a very limited number of commercial premises available, and being a small town, rent and rate costs are relatively low – this has managed to maintain a good balance between supply and demand.

As Britain slowly moves out of recession, though, it would certainly be worth Nairn considering options for increasing the amount of retail space available via the various buildings between the High Street and A96. Certainly there are a number of properties that could benefit far better than being left derelict by the Highland Council.

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