'Acute' lack of stock holds back out-of-town retail market
Scotland saw 39 deals for out-of-town warehouse space in the first half, with 22 in the first quarter and 17 in quarter two. Savills found the pace had slowed as the units that had become available because of the Carpetright and Homebase administrations were quickly re-let, meaning availability dropped again. The agent forecasts that, if the level of activity remains consistent, Scotland is on track to reach around 88 new lettings by year end – a 76% increase on last year. However, this highlights the distinction between appetite for space versus what will or can be achieved on actual supply levels.
Mike Spens, director in the out-of-town retail team at Savills Scotland, said: 'There remains considerable appetite from out-of-town retail operators in Scotland, however with vacancy rates falling below the UK national average, an acute lack of stock is hampering further letting activity.
Read more:
'For the space that is available, we are continuing to see upward pressure on rents in certain towns, and a competitive leasing environment, which was evident in Dunfermline when Wickes' interposed lease saw a 24% increase in the passing rent.
'With the shift in focus towards affordability and convenience, the region could be well-positioned to benefit from sustained demand throughout 2025 and beyond if the issue of supply can be resolved.'
Savills found that the most active operator in the last 18 months has been Home Bargains, which acquired six units. The next most active have been B&M and Sainsbury's, which have each taken three. The Range acquired two former Homebase units at Auldhouse Retail Park in Glasgow and Craigleith Retail Park in Edinburgh. Wickes opened a newly built store at Westhill on the outskirts of Aberdeen and agreed an interposed letting over the Homebase unit at Halbeath Retail Park in Dunfermline prior to its Company Voluntary Arrangement (CVA).
The trends in Scotland largely reflect the market for the UK as a whole, with Home Bargains, B&M and Sainsbury's among the top 15 most acquisitive operators for 2024 and 2025 so far on a national basis.
Sam Arrowsmith, director in the research team at Savills, said: 'Our latest research highlights a critical shortage of available retail warehouse space, with vacancy rates at a historic low. This scarcity, coupled with a strong demand for out-of-town retail locations, has led to upward pressure on rental values. The recent Poundland restructure will only see approximately 50 units returned to the sector nationally. Not enough to satisfy the appetite demonstrated in Q1 take-up.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
4 hours ago
- Daily Mail
Is this Britain's most overpriced flat? Apartment in trendy North London compared to a SHED after being put on sale for £1m - can you spot why?
London 's property market has always been an enigma and one 'optimistic' listing perhaps perfectly encapsulates this - for all the wrong reasons. Although properties that would struggle to sell for £200,000 in other parts of the country are routinely snapped up for three times that in the capital. Demand has exploded in areas of London's commuter belt - or on the outer verges of the capital itself in recent months, bucking the trend of the rest of the nation where prices have dipped. The average UK home was worth £265,497 in April which was down 2.7 per cent on the previous month but up 3.5 per cent compared to the previous year. Meanwhile the average London property was priced at £566,614 in April, following a rise of 2.6 per cent month-on-month, and a 3.3 per cent gain annually. But house-hunters on Reddit this week reacted aghast to one property which has been advertised for a cool million pounds suggesting that there is indeed a limit to some buyers patience. The listing in question is a studio attic flat in trendy Dalston, which has been described as an 'exceptional Victorian warehouse conversion.' Estate agents Savills were certainly pleased with the property, writing: 'This authentic conversion retains a wealth of original features, including exposed timber beams, skylights, wooden flooring, and a striking open-plan layout encompassing the kitchen and bedroom. An estate agent from the firm told the Mail the property had been on the market for eight weeks with no offer made 'A unique highlight is the original winch, a remnant from the building's history as a spice factory. The apartment enjoys a large window with views over the canal and the city.' Prospective owners of the flat however were less impressed criticising the layout of the apartment, the fact it was listed as a one bedroom when it was a studio and of course the price. In a scathing thread titled 'Slapped a kitchen and chair in an attic, and put a one mil £ price tag', many house hunters ridiculed the 'cheek' of the listing. One said: 'Truly. Truly unhinged. Who is paying a mill to live in an attic in Dalston?' Another proffered: 'Does anyone else remember when being a millionaire was a big deal? Now apparently all it gets you is a shed. A shed in the sky.' 'The price is wildly ambitious', scoffed another. According to property aggregator Houses for sale and to rent, the average cost of a one-bedroom flat in the trendy London enclave is £466,348 - making the property over £500,000 over the odds. It would be fair to say reaction to the listing was very mixed on social media The property was last sold in 2002 for the sum of £325,000, a price that many on the thread were also incredulous of. One said: 'As a single guy I like this. Kinda cool, nice location, decent size for one person and looks like fun, though maybe a bit noisy in the rain. 'But a million sold in 2002 for £325k which even then sounds way over the top. 'And £1500 a year service with unspecified ground rent.' An estate agent from the firm told the Mail the property had been on the market for eight weeks and despite being viewed a few times is yet to receive an offer. The agent said the listing's sky high price was due to its central position along the basin and the price per square foot of London properties. The online furore comes hot on the heels of another property storm that puzzled residents of Hove last week. An elderly couple infuriated house hunters online after listing their home for almost £2million over the average sale price of their street. Residents reacted with 'shock' and 'disbelief' after the ordinary looking property in Hove, East Sussex was put on the market for a staggering £2.5million. The asking price for the smartly presented property has caused consternation among potential buyers who have claimed it is 'overpriced.' They claim that although the red-brick home has a sought-after seaside location, it actually backs onto a block of high rise flats and sits on a busy road which has a high crime rate. The owners - who are in their late 80s - bought the property in East Sussex in 2010 for £750,000 but have now put it on the market for more than three times that amount. According to property experts Purple Bricks, the average cost of a house on the street where the couple are looking to sell is £600k. One resident told MailOnline: 'I'm shocked. It's incredible how much house prices have risen in the last 15 years but I'd never expect a house to be on the market for so much - it's a King's ransom. 'It's unbelievable really. I understand it is in a desirable location but this road is very busy all the time and the back garden looks out over the flats - not exactly a beautiful view.' The £2.5million house sits on Third Avenue in the upmarket Hove and is just 100 yards from the pebble beach The house sits just 100 yards from the pebble beach. The elderly couple are understood to be selling it so they can downsize away from the seafront. Hove is a well-heeled and desirable location to live where the average price of a detached house is £846,600. Neighbour Barbara Crafts, said: 'They are a lovely couple but they're getting on. 'Although the house only has three bedrooms it is deceptively large and the bedrooms are huge and have walk-in dressing rooms.' Mrs Crafts, who is in her 70s, who lives in a spacious three-bedroom flat on the street, said: 'Although it looks quite ordinary from the front it is a lovely house and very spacious and they've spent some money doing it up. 'I've lived here for around eight years and my children who live up north are always telling me to sell. They tell me I could buy a fantastic property near them for just a fraction.' Viewers checking the online listing questioned how the 'modest' home could command such a high price. One said: 'Those flats overlooking the back would be an instant no for me even if dirt cheap. Half the house is the master suite. Seems unnecessary.' Another said: '£2.5m is insane money for this. Surely its not worth even close to that. Even at half, it would be steep, no?' Another viewer said: 'How much!? And why does that main bedroom need two dressing rooms and such a huge bathroom?! Should have just made one of the dressing rooms a guest room instead.' Yet another said: 'Faaaaar too of property faces west, back faces east. Front faces a row of guest houses/hotels including a God awful 60's(?) 5 story guest house directly opposite. 'Back faces an 11 story block of flats. So, no privacy and no sunlight in the morning or evening.'
Daily Mirror
5 hours ago
- Daily Mirror
Home Bargains selling well known makeup brand that's usually £33 for £7
Makeup fans can save themselves up to £26 on the products thanks to Home Bargains' latest StarBuys deals Home Bargains is often a favourite choice among many who have to stick to a budget due to its wide array of everyday items and essentials available at affordable prices. Similarly to Aldi's 'Special Buys', the popular bargain retailer regularly updates its 'StarBuys' aisle, which usually includes various products at large discount prices. The store's StarBuy offerings are especially great for everyday necessities such as health and beauty items, household supplies, food, toys, and garden accessories at budget-friendly prices. Shoppers will sometimes find high-end items on sale for far less than their recommended retail price - and this week's line-up is no different. In an exclusive online-only offer, Home Bargains is selling four makeup products by the well-known brand BareMinerals. The brand specialises in 'clean' vegan-friendly makeup and skincare', made with 'skin-friendly' ingredients such as minerals and botanicals. Founded by Leslie Blodgett, the brand is famous for its loose mineral foundation. It was the first makeup created to enhance skin health and has been clinically shown to improve skin texture and tone. What are the four BareMinerals products? BareMinerals Complexion Rescue Natural Matte Tinted Moisturiser SPF 30 - Vanilla 02 (was £33, now £6.99). BareMinerals Mineralist Lip Gloss-Balm - Adventure (was £23, now £4.99). BareMinerals Barepro Pressed Powder Foundation - 40 Cool (was £31.50, now £6.99). BareMinerals Complexion Rescue Tinted Moisturiser (was £33, now £6.99). The four products are on sale for up to 78% less than their usual price, meaning shoppers can save around £26 if they buy from Home Bargains. Most of the products cost between £23-£33, but thanks to the bargain discount, makeup fans only need to spend a fraction of that. The BareMinerals Complexion Rescue Natural Matte Tinted Moisturiser SPF 30 in Vanilla 02 is described as a "lightweight, oil-free tinted moisturiser", which is designed to "provide a natural matte finish with mineral-based sun protection". Home Bargains says: "This product is ideal for those with very fair skin tones that have neutral undertones with a hint of peach." As for the BareMinerals Lip Gloss-Balm in Adventure, Home Bargains says: "This clean, vegan formula is enriched with cold-pressed fruit oils to hydrate, smooth, and soften lips, instantly and over time. The non-sticky texture glides on effortlessly, giving you a glossy finish with a touch of sheer color, while clinically proven to improve lip smoothness by up to 50%." The BareMinerals Barepro Pressed Powder Foundation in 40 Cool is said to offer "breathable full coverage" that can withstand "16 hours of sweat, humidity, and transfer-resistant wear, while visibly evening skin tone and smoothing texture over time". The talc-free "lightweight and non-drying" formula is designed to absorb oil and control shine for up to 24 hours The final product is the BareMinerals Complexion Rescue Tinted Moisturiser SPF 30 in Natural Pecan 05. This "3-in-1 multitasker" works as a "lightweight" moisturiser, sheer-to-light skin tint, and mineral-based SPF 30 to "protect, hydrate, and perfect your skin all at once". The store adds: "Powered by Hyaluronic Acid, it delivers 24-hour hydration and helps visibly even skin tone while blurring imperfections for a smooth, dewy glow. Formulated with 98% naturally derived ingredients, this clean, oil-free formula is gentle on all skin types—hypoallergenic, non-comedogenic, and dermatologist-tested."
Telegraph
14 hours ago
- Telegraph
Britain's best places to buy a holiday let
However, for those looking to invest, a slump in coastal house prices in areas popular with visitors may provide a good opportunity. Inflated house prices as a result of the 'race for space' during the pandemic are now unravelling, says Lucian Cook, of estate agency Savills. 'Although running costs are now higher for holiday let hosts, competition to buy these homes has fallen, as have prices,' he says. The introduction of double council tax for second home owners is also likely to be dampening demand for properties in these areas. House prices in the prime coastal locations have dropped 15.7pc since 2022 and 6.7pc since last year. Before making a commitment, consider the costs associated with being a holiday let owner. Where to invest? If you are considering becoming a holiday let owner, location is critical. New research from The Telegraph reveals 10 of the most affordable and suitable locations to invest in, spread evenly across the country and without repetition within an area. The index considers the average annual turnover, hours of sunshine, number of nights let on average in the area, and the level of competition from other holiday lets, among other metrics. Our research found Southwold in Suffolk has the highest average property price, while the cheapest place to buy is Haworth in West Yorkshire. However, holiday lets in Crantock in north Cornwall generate the highest annual turnover. Here are Britain's 10 best places to buy a holiday let:
