Property consultancy Vail Williams has successfully negotiated the letting of five Oxford city centre shops in quick succession.
Such is the demand for retail premises in the vibrant High Street and nearby area that landlords can ‘curate’ occupiers to maintain a healthy mix of independent tenants.
“It’s the uniqueness of Oxford,” said Mike Watson, Vail Williams partner, who has almost three decades’ experience in the city’s property market.
“Historic Oxford’s brand remains extraordinarily strong, stock is low, we are generating excellent rents, and we are back to pre-COVID levels.
“Of course, it is imperative that Oxford’s wow factor is perpetuated – and property landlords play a vital role in this by regulating the type of business acceptable as a tenant.”
Vail Williams acted for landlords, long-term client Lincoln College, real estate business Russell Acott and Oxford’s St Peter’s College regarding the five lettings.
- 16 High Street, 888 sq ft ground floor retail space plus basement, at the entrance to Oxford’s iconic covered market, with a quoting rent of £60,000 per annum – let to long-established Loake Shoemakers.
- 116/117 High Street, 1,082 sq ft prominently located double fronted retail space with a quoting rent of £70,000 per annum – let to family-owned drinks importer, distributor and specialist retailer Amathus Drinks.
- 115 High Street, 2,396 sq ft characterful, double fronted retail space plus basement, with a quoting rent of £80,000 per annum – let to independent artisan bakery, patisserie and eatery Knead Bakery.
- 125 High Street, 1,797 sq ft prominently located ground floor retail space plus basement, with a quoting rent of £55,000 per annum – let to specialist eyeball photography business Iris Galerie.
- 5 New Inn Hall Street, 703 sq ft double fronted retail space positioned on main thoroughfare near Westgate, with a quoting rent of £55,000 per annum – let to popular Green’s Café which relocated in the city centre.
Vail Williams is currently marketing prominently located 114 High Street, a 977 sq ft retail space and 315 sq ft basement storage area with a quoted rent of £60,000 per annum.
Mike added: “Oxford continues to thrive as a diverse retail destination, evolving to meet trends and challenges, with landlord investment driving the flight to quality properties.
“The dearth of shops available to let at present, particularly in the city centre area, is testament to the draw of Oxford, which attracts around eight million visitors a year, and I expect the trend to continue.”
Oxford’s high street shops vacancy rate is estimated to be nine per cent, behind only Cambridge (8.5 per cent) and London (7.4 per cent), according to the think tank Centre for Cities.
Vail Williams has reported a 163% increase in Oxford-specific turnover since opening its office in the city in February last year.
The firm’s entry into the Oxford market sees the firm, which now has twelve offices across the UK, bridge the gap between its London, Reading and Birmingham offices, operating from premises at New Barclay House in the city.
Vail Williams’ full-service property advice includes commercial agency, investment and development advice, building consultancy, property valuation, planning, lease advisory, property asset management, business rates and occupier consultancy.
