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18 Jul 2024

Cytech training provider Activate Cycle Academy is to exhibit at the GT Malverns Classic Mountain Bike Festival 2024, an event often described as the “Glastonbury of mountain...

15 Jul 2024

The cycling industry is “ripe” for smart investment, and a renewed wave of merger and acquisition deals, as it looks ahead to a profitable 2025 and “significant” medium...

15 Jul 2024

The Independent has published its list of the best electric bikes of 2024 after testing a series of folding, hybrid and city e-bikes.

15 Jul 2024

Community groups and other not-for-profit organisations in Greater Manchester can now apply for funding to set up their own bike library.

15 Jul 2024

Andrew Goodacre, CEO of ACT parent company Bira -the British Independent Retailers Association – has met with the new Secretary of State for Business and Trade Jonathan Reynolds and...

15 Jul 2024

The London Cycling Campaign has teamed up with Lime and Loud Mobility to launch a new £100,000 ‘Share the Joy’ fund to increase cycling within...

8 Jul 2024

Become a Luchos Distributor - Deal Directly

2 Jul 2024

We recently reported that a £1 billion damages claim had been filed against Amazon on behalf of retailers selling on Amazon’s UK marketplace for illegally misusing their data and...

2 Jul 2024

In the first of an occasional series of features, we are delighted to introduce you to Ross, an expert trainer in Glasgow, and one of the most recent trainers to join the Cytech family.

1 Jul 2024

ACT member e-Velo is to open a new store in the Royal Arcade in Norwich in July, selling a range of e-bikes from some of Europe's top brands.

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New data reveals the most and least expensive retail rental areas in the UK

Posted on in Business News , Cycles News

New data from insolvency specialists Real Business Rescue, which analysed current commercial retail listings to find the most and least expensive areas in the UK for business owners to open stores, has found that London, unsurprisingly, tops the UK’s most expensive area for retail rents. The capital was the most expensive with the average rents hitting £49.64.

Oxford Street Xmas

However, there is a big disparity in rents across London ranging from £86.18 in Kensington and Chelsea to £23.16 in Barking and Dagenham.

Across the UK, Oxford was the second most expensive area, with average rents of £49.51.
Although recent reports have said that Oxford is among some of the UK’s worst for empty retail units since the pandemic, retail rent could still be at a premium due to council investment in the area, a budding population of younger professionals thanks to planned new housing developments, and tourism generating £780m of income a year for local businesses.

The third highest average price per square foot per year is another tourist haven, York, at £47.75.
In terms of the most affordable retail rental price, Blackpool is the cheapest at an average of £12.45 per square foot per year.

Despite the low rents, Blackpool saw a record boom in visitors in 2021 following the pandemic with more than 12 million people visiting the town centre compared to about 9 million in 2019.

Shaun Barton, national online business operations director at Real Business Rescue said: “Rental prices are just one of the many rising costs affecting businesses across the nation as they battle through one of the toughest periods, they’ve ever faced due to the ‘cost of doing business crisis’ and rising inflation.

“Not only do these prices lead to vacant retail spaces, which can have damaging effects on high streets up and down the country, but it’s another pressure point for small and medium-sized enterprises (SMEs) everywhere.”

Barton said the lifting of the moratorium on landlord debt collection has “increased significantly” the pressure on retailers.

“With the fallout from the pandemic, and now a ‘cost of doing business crisis’, it is clear that a significant number of retailers across the country are facing a battle to remain financially solvent and viable,” he said.

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