The outlook is improving for the commercial property market in Eastbourne, according to industry figures.
Agents in the south coast town, which boasts the title of the sunniest place in Britain, say the market has “sprung to life” with a number of developments reversing a long period of decline corresponding with the global financial crisis.
The success stories include properties in the leisure, healthcare and retail categories which are adding to the vitality of the popular seaside resort.
Mike Reid, of Reid + Dean, says that the market is displaying good signs all around after five years in the doldrums. Properties are now being refurbished and let to a variety of businesses including an IVF clinic in the centre of the town.
Unsurprisingly, given the importance of tourism to the local economy, there have also been a number of hotels changing hands. The Grade II listed Ambassador Hotel on Howard Square has been given a £1.5 million revamp following its purchase by a Kuwaiti company and will reopen as a four star establishment.
On the retail front Mr Reid points to increasing take-up in the Arndale Centre and Morrisons new store in Hampden Park as evidence of an upturn. In addition Sainsbury’s has taken five adjoining shops in Seaside which are currently being transformed into a single unit.
“The turnaround has been astonishing,” he told the Eastbourne Herald.
“We have seen more transactions in 2012 than for the previous four years combined, and the quality, size and effect of some of those will make a big difference to the presentation and economy of Eastbourne.”
Since the turn of the year equally encouraging stories have been emerging from towns and cities up and down the country. While it may be premature to declare that the commercial property market is on its way back to pre-recession levels, these reports certainly provide grounds for optimism.
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