WHILE many areas may struggle to attract commercial property ventures, investment in West Bridgford shows no sign of abating and is, in fact, going from strength to strength.
West Bridgford is often cited as Nottingham's equivalent of Didsbury, in Manchester, or Clifton, in Bristol, mainly due to the demographics, house prices and choice of upmarket bars and restaurants.
Heb is probably the most active commercial agent in the town, having undertaken many of the retail and leisure transactions in both the centre of the town and the main roads surrounding it – and being a Bridgford resident myself, I always take a keen interest in what is happening.
While the rest of Nottingham has struggled to attract new commercial occupiers, West Bridgford has seen a large increase in activity – not all of it will be appreciated by local residents, however.
Recent deals will see the opening of a new Costa Coffee branch in the town in a deal brokered by heb. Costa will not be to everyone's taste but if, like me, you are fed up of queuing to get into Caffe Nero or Copper on a Saturday morning, then you will welcome it.
Local residents tend to want a match of local and national operators and again heb will shortly announce a letting to a locally-based restaurant which will sit next to Costa Coffee. I know it will trade extremely well.
On Central Avenue, Gordon Road and Albert Road there has also been a flurry of activity. Heb has just sold the freehold interest of 4 Albert Road, next to Barclays bank, at a freehold price of over £280 per sq ft – a record for the town and an indication that buyers are still keen to acquire in the area. The new owner will be redeveloping the unit to provide new retail space.
In addition, the Sleepers unit is closing and is being marketed to try to attract new tenants. It will be interesting to see whether this goes to a retailer or restaurateur. Much will depend on whether the local planning authority sticks to its outdated rule of only 35 per cent of all shops being for restaurant use.
In terms of new developments, to the rear of the Halifax bank on Central Avenue, Mansfield Properties is looking to obtain planning consent for a two-storey retail/restaurant unit overlooking the hallowed Croquet Lawn.
I know that this application will be controversial but personally I think the building design is excellent and any well-designed building that encourages more occupiers to the town should be welcomed.
On a less welcome note, it is rumoured that two more charity shops will be opening in the town, one of which could be in the old Derbyshire unit on Central Avenue. Landlords like charity shops as tenants because they tend to be financially strong and good tenants.
However, any person with any common sense will tell you that there are now too many charities in the town and this could have repercussions for its vitality in the future.
Away from the centre of the town, Rushcliffe is seeking new ideas in relation to Bridgford Hall, where the county council's lease will expire shortly. The building is listed and any proposals will come under great scrutiny – the best possible use would be a restaurant/hotel and wedding venue. However, the local planners will have to work closely with any new tenant to ensure that the building is refurbished not just sympathetically but also commercially in terms of costs.
Other activity away from the town centre includes a potential new Sainsbury's convenience store just off Melton Road and rumours that another food store is considering the former petrol filling station opposite the cricket ground on Radcliffe Road.
So, all in all, there is plenty of activity in the town in the retail and leisure sectors. Not all of it will be welcomed by local residents, but lots of activity is better than no activity.
Jonathan Emmerson is one of the founders of Nottingham property agency heb.