Richmond’s retail market capitalises on growing demand

GCW has helped secure a number of new lettings in Richmond-Upon-Thames as the retail and leisure markets in London suburbs, villages and commuter towns continue to perform strongly.

Like many London suburbs, Richmond’s property market is experiencing a combination of growing mid-week footfall and increased demand from both local independents and established occupiers keen to serve an affluent local catchment.

GCW acted on behalf of CBRE Investment Management to agree terms on a 10-year lease to Oree. The French bakery chose Richmond George Street for its latest London boulangerie, paying £85,000 pa for the 577 sq ft unit.

Dobbies Garden Centres decided on Richmond for one of its new Little Dobbies stores, also signing a 10-year lease on George Street. It is now open and trading from the ground floor of the former Topshop unit paying the higher of £130,000 pa or 8% of turnover, bringing a curated range of convenience gardening products and houseplants to the town.

Archie Morriss, Associate Director at GCW, said: “After a difficult period, the retail market in Richmond has bounced back strongly. We’ve noticed a significant uptick in demand for prime retail units, having completed on three deals over the past six months, with an additional two under offer and three further live instructions. It’s a prime example of how changing working patterns are giving the capital’s boroughs and commuter towns a new lease of life.”