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/ by In house team

Commercial rents in Southfields climb as local development meets demand

A recent blog written by Jennifer Young-Thompson, Sales Manager at our Southfields branch, discussed the appeal of SW18. Traditionally always known to be the home of the All England Lawn Tennis Club, she noted how the area has evolved to become not only a good location in which to live, but one that it is now a first choice location. As a result of increased demand, property prices pushed past the £1million mark in mid 2013.

As popularity for the area has surged among families and young professionals, the high street has flourished and we’ve seen Southfields become home to a wide variety of commercial occupiers and tenants as they compete to be a part of the upmarket village it is becoming.

Over the last few years we’ve seen local residential redevelopment attract a higher calibre of commercial tenant and in addition to some big high street stores, many independent boutiques are also looking for a presence.Our commercial division recently sold a 125 year lease located on Replingham Road, which we then subsequently let to the famous upmarket frozen food brand, COOK. We were quoting an asking price of £25,000 per annum for 1,000sqft of retail space, yet achieved considerably more than that as demand for commercial space intensified. Since then, commercial rents and interest have continued to rise within the immediate area.

Sainsbury's has taken occupation on Wimbledon Park Road, in addition to the Tesco's express on Replingham Road so residents are spoilt for choice where food essentials are concerned. A Marks & Spencer’s is also earmarked as one of the new tenants to open in the old cinema development on Wimbledon Park Road which has been the subject of much debate in recent months. A well-known gym operator is also in discussions to take up the other commercial unit, which could benefit the area greatly.

Commercial investors and developers are very keen to buy locally, recognising that demand for commercial premises is high among tenants and that rental yields and therefore returns are very good.

Within our department, we are finding that we are regularly asked for Southfields as a specific area when retailers look for new premises. Specifically, both Caffe Nero and local chocolatier, Derosier, are keen to be in the area and as we enter 2015, we expect to see the commercial side of this area continue to grow alongside its residential counterpart.

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In house team London Property Market

As the marketing and communications team at Kinleigh Folkard & Hayward's head office, our aim is to keep you updated and informed where the London property market is concerned. In addition, we'll bring you tips on navigating current issues and trends in the market when buying, selling, letting and renting to ensure that whatever field you're interested in, you'll be completely informed.

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