According to the report by the Freedom of Information Act, at the end of June this year, approximately 88 commercial properties in the area of Wycombe were vacant.
Out of these 88 commercial properties, 24 properties were valued at £100,000 or more, and four worth £260,000 or higher.
In May of this year, it was conveyed that the commercial property vacancy rate across the whole of the UK was 11.2 per cent, which is rather high for a country as a whole. Stephen Robertson, Director General at the British Retail Consortium (BRC) stated, “Generally, the parts of the UK where the public sector is a bigger proportion of the economy are the ones where customer spending is most likely to be hit by worries about job prospects and cuts, meaning people are shopping less and more retail businesses are failing. By both measures, Northern Ireland and Wales are suffering particularly badly.” So although the figures may seem to be significant for Wycombe, they are in fact on average for the area.
Catherine Spalton, Wycombe District Council spokesperson expressed, “We are concerned about the local economy, but the commercial property vacancy levels do not come as a surprise given the depth of the recession – the Wycombe District is unfortunately not immune from its impact. This downside should be seen against an upside, however, which is continuing growth in new business rates (and new jobs) as a result of new developments including hotels, food stores and a recycling centre.”
However, some of the vacant commercial properties on the list do have plans, but they are currently waiting for permission to be granted. To reduce the number of vacant commercial properties in the area, Wycombe is hoping to become a ‘Business Improvement District structure.’ Oliver O’Del, Bid Development Manager stated, “We could then consider initiatives such as how we animate empty shop fronts, assist retailers with the costs of setting up a new unit and encourage a new entrepreneurial culture in local independent retail for the town. This could also involve discussions with existing retailers about shifting locations to create greater concentrations of niche retailing in certain areas of the town.”
The list of vacant properties for Wycombe also included Marlow, Bourne End and Princes Risborough. The total value for the empty commercial properties was £8.5 million, with the most expensive property situated in Marlow worth £450,000. The commercial property is owned by Sainsbury’s and is currently undergoing a revamp; however it should be open by November time. Paul Deriaz who is a property spokesman said, “There has been a marked improvement in the take up of retail units in Marlow Town centre so that there are no real vacancies if you take account of the redevelopment by Sainsbury’s store.”
It is unclear as yet if the commercial property vacancy rate will rise or drop anytime soon. Like us, you will have to wait and see.
