white stuff......again (unit available)

[eccentric]

Spoke to Hindwoods this morning as a board went up on the corner unit of the above development. White Stuff have a head lease on all three units and are to off the corner unit on a sub lease. For those interested the asking price is ?32,500 pa and premium offers invited (cheeky buggers, for a shell). About 500 sq ft retail A1 use only to established businesses, no start ups.

So I'm afraid its a non starter for Thomas's veggie cafe.

[monica]

Thought the corner unit was going to be a shoe shop

[Thomas]

Hi Eccentric.

What a shame, but thank you for looking out for me! Maybe (just maybe) something will come along sometime.

Anyway Thanks Again.

Thomas.

[Tom]

Hopefully Shite-stuff will put their lease up for sale too and f*!k off.

[macroban]

> ?32,500 pa and premium offers invited

> About 500 sq ft retail

> A1

Interesting.

This would bring the fixed costs (before employing staff and variable overheads such as electricty) up to about ?41,000 pa requiring a gross profit of ?82 per square foot pa just to meet the fixed costs.

What type of A1 retail business might take this lease?

[Huguenot]

I like white stuff

[eccentric]

I think one of the reasons for taking a head lease on all three units is to ensure they control the type of "neighbour" they get. i.e. no competition. I noticed from another source they are looking for 2 shop managers, one for Dulwich @ ?18k & one for their new Spittlefields store @ ?25k.

To answer Macroban's question?... a high yielding non sports type clothing, non food, established business?or an estate agent??

[bald marauder]

Did anyone see the graffiti on the white stuff hoarding today?!

Underneath a piece of text that says simply 'white stuff', someone has scrawled....'is hard to swallow'.

[ClareC]

I like White Stuff too :-$

When does it open?

[karter]

Bank Holiday weekend in August apparently. Our East Dulwich is now mentioned on their website. whitestuff

[Ultraconsultancy]

This is a real turning point.

On the basis of the figs supplied the rent looks to be ?65 a foot ITZA.

That's double the footage price on available units when I did some sampling a couple of months ago.

If these guys ramp the local footage price [which adds value to their superior lease] then any of the smaller shops due for a review soon should start keeping their cash under the bed.

Basically if someone signs at that price, LL will turn into Hammersmith King Street.

Ultraconsultancy

[snorky]

"Hammersmith King Street"

IM unfamiliar with this street - but Im assuming its not a good thing ?

[karter]

Only big chains will be able to afford these prices in the long term.

[SeanMacGabhann]

But as discussed there aren't MANY premises big enough to attract that many big chains? The whole is ED about to be flooded by chains and is it a good thing or bad thing has been discussed on here many a time since the White Stuff rumours started (months ago now)

But it is definitely a bad thing if none of us entrepreneurs can compete with the current rents

[James]

Isn't there some way to preserve a mix of new chains and existing businesses? I was reading about a scheme in Hatton Garden which has preserved the traditional character of the area by preventing the small businesses being priced out... could we get Southwark to do this here?

[Quaywe]

The Sustainable Communities Bill is part of the answer...

[Ultraconsultancy]

an lengthy article in The Standard last year lamented the departure of the last real bespoke tailor in savile row.

in the interests of journalistic balance it offered some examples of famous trading areas of London that were doing well.

one of those cited was hatton gardens, but another was charing cross road. if any of you have been to CXR recently you may have noticed the decline and death of the worlds most famous bookselling street. if you could take your eyes off the pavement pizzas. all priced out by coffee bars and lager barns.

the problem with ramping rents isn't so much that it brings the big guys in; the problem is it removes the communities ability to choose to keep them out.

incidentally it seems there is quite a spate of large businesses dressing themselves up as cooler, smaller, shops. i thought brixton ritzy was a collective until one of their striking protesters told me it is owned by a big company that pays min wage to its [generally] hard working staff.

UC

[eccentric]

What tends to happen is, and in IMHO, this could happen on LL, a major property company buys up blocks of shops and starts to double up adjoining units to attract chains, (Cafe Nero, White Stuff) then once it has its mix of cash rich tenants puts the squeeze on in the form of rent reviews. When a start up or small trader comes along he is thwarted at the first hurdle as a bad risk to those rent hikes.

A classic case is Covent Garden. Seven Dials and Neal St are mostly owned by The Shaftesbury Estate Co. try approaching them for a unit there and if you're not a fashion chain forget it!

[macroban]

Parkhill?

[eccentric]

macroban Wrote:

-------------------------------------------------------

> Parkhill?

They seem to have a sizable war chest.

[Jeremy]

It's the classic "gentrification" pattern... independant traders, and those working in media and arts move into a reasonably priced area. More affluent residents follow because they aspire to the "bohemian" environment which has sprung up... expensive housing follows, chain stores show interest, landlords decide to cash in.