The market for retail property in Ely city centre has shown resilience following a series of new lettings and lease renewals over the past twelve months, all of which were undertaken by East Anglian-based property company, Cheffins.
The most recent new store to open is the Cow on the Ice gift shop, which has taken the place of Clipso hair salon at 32A, High Street, Ely. The 416 sqft Grade I listed unit was let by Cheffins on behalf of the Chapter of the Holy and Undivided Trinity of Ely and opened on 17th April. In addition to new lettings, a successful lease renewal completed in February this year at 11 High Street Ely with Café Nero, which has committed to its existing High Street location for a further five years.
Over the course of the last 12 months, Cheffins has successfully renewed leases to Julia’s Tea Room at 16-18 High Street and Price Bailey at 6 High Street. In July last year, 9 High Street Passage in Ely was let to Sushi and Salad. This new business, which is backed by outfitter William Hunt, will be an attractive and quirky new addition to High Street Passage. After the letting of 9 High Street Passage, Cheffins was instructed as a joint agent to market 1 High Street Passage. The property was successfully let to Pure Ely Aesthetics Limited in September for a term of five years.
Luke Davenport, Commercial Surveyor at Cheffins said: “The market for retail property in Ely has remained resilient throughout the past year in spite of the coronavirus outbreak. As a small city with a focus on independent retailers, demand for city centre units in good locations has been very promising. As is always the case, location and affordability are key factors affecting demand. Ely remains relatively affordable in comparison to Cambridge which has helped ensure it retains an interesting and individual tenant mix, with a good contingent of independent traders alongside high street brands. The Cheffins commercial management team has also reported strong trade in the city, with the entirety of the commercial portfolio fully let bar from one which is currently seeing high levels of enquiries and is likely to be let in the coming weeks.”
For further information contact Luke Davenport at Cheffins, t: 01223 271974, luke.davenport@cheffins.co.uk