Convenience stores & corner shops could provide opportunities for property lenders | Walker Foster SolicitorsConvenience stores & corner shops could provide opportunities for property lenders | Walker Foster Solicitors

Convenience stores & corner shops could provide opportunities for property lenders

Following on from the effects of lockdown due to the Cornovirus pandemic, research has identified opportunities for property lenders with supermarkets, convenience stores and corner shops.

While non-essential shops were forced to close, supermarkets, convenience stores and corner shops were reportedly busier than usual.

According to an article in Peer2Peer Finance News, commercial property lender Proplend found the value of the convenience sector will increase from £41.4bn last year to £48.2bn by 2024, which is a rise of 16.6 per cent.

With a long-term low-interest-rate environment, it is expected that a number of investors will look to get into the sector on a local level and purchase/or change the existing property’s usage to encourage new tenants looking into the venture.

Craig Williams, our Head of Commercial Property, said: “Having acted for Landlords, Tenants, Investors and Lenders over many years of legal practice I have seen a steady decline in the traditional convenience store/corner shop business as supermarkets increased their market share.

“Whilst Covid-19 has severely affected many areas of our lives and businesses, the fallout may present an opportunity for smaller businesses providing essential services to re-enter the market to provide a more convenient alternative to the supermarkets which would bring much needed local business and opportunity back into the high street.”

The Commercial Property team at Walker Foster is knowledgeable on all types of business sectors, whether it is an existing business or a new one looking for their first premises.

Combined with our business team, we have all the information and tools at your disposal to ensure your investment in the convenience or retail sector starts off with everything you need in place.

To discuss your next project, contact us at [email protected] or call Craig Williams at our Skipton office on 01756 700200