Partner Article

Commercial rents on increase in South Manchester

Commercial leases subject to three and five year rent reviews are showing a significant increase in the Altrincham, Hale area according to Daniel Lee, director of Chartered Surveyors, Regional Property Solutions.

“We have seen a steady increase in rents over the last couple years which has stemmed from healthy and consistent levels of demand, high quality landlord refurbishments and limited supply of available stock. We have hit headline rents in multiple buildings in the last six to nine months in particular, with an average increase of £17.50 per sq ft.

“This is illustrated by the latest five year rent review we agreed on behalf of the landlord W T Wilkinson Properties LLP, on the 2,214 sq ft first floor offices at Hale Place, 229 Ashley Road. Hale, which saw an increase of £4,000 per year reflecting a 12% increase. This is a welcome change after nearly a decade of stagnation.

“In Altrincham, which is benefiting from the town’s regeneration works and the revitalisation of the traditional market area we saw a substantial uplift in the rental value on restaurant premises at 44-46 Greenwood Street, which practically doubled from £15,000 to £28,000 per annum.”

This was posted in Bdaily's Members' News section by Regional Property Solutions .