NEIGHBOURHOOD shopping centres have good potential If they are in the right location and well maintained ....
"depending on where they are, and how they look," explains Simon Wright of Countrywide property Management.
"The most important things are location and good maintenance, and having a good mix of retail tenants for their area.
For example, takeaway trade shouldn't dominate; the most successful neighbourhood shopping centres have a broad range of retail and service facilities in order to develop and sustain the community feel which keeps them alive, encouraging people to come back."
This strategy extends to the residential accommodation above the units, which is often a feature of neighbourhood centres. "Keeping track of who occupies the flats to control unauthorised sub-letting, and looking after them to a good standard, encourages good tenants."
Neglect, he warns, is the enemy. "Any property investment has to be cared for properly, and neighbourhood shopping centres are no different. They have to be clean, welcoming and attractive if they are to attract the right covenants at the right rents which, in turn, will bring in the business."
He said that nevertheless, "it is important to regularly review opportunities for expansion and redevelopment, as well as break-up to maximise landlords' financial return."
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