A SUPERMARKET chain has mentioned it can proceed to commerce in its Gosport department after its lease ends – regardless of a council report saying it could give up.
Slough Borough Council owns the Waitrose constructing in Stoke Highway and needs to promote it off.
A report for the council mentioned Waitrose doesn’t wish to prolong its lease in Gosport after it expires in 2025 attributable to a drop in commerce.
However now Waitrose has instructed the Echo it desires to barter phrases with any new landlord and proceed to commerce.
A spokesperson mentioned: “It’s our intention to barter phrases with the brand new landlord when they’re in place and to proceed buying and selling from this web site.”
READ MORE: Waitrose in Gosport set to shut by 2025 as council sells off properties
The council report mentioned: “The property is a two storey constructing positioned in a primarily residential space of Gosport, Hampshire positioned on the Excessive Road, at the moment used as a grocery store. There are three different bigger competitor supermarkets inside 1 mile.
“The marketplace for the grocery store on this space of Gosport has fallen and events have been conscious that Waitrose had not traded properly from the location, and thought that Waitrose wouldn’t re-gear their lease.
“The property is at the moment tenanted. While the present tenants, Waitrose, have a powerful tenancy covenant, they’ve indicated that they don’t intend to increase the tenancy when it terminates in 2025, and there may be little discernible urge for food for the location from different grocery store chains or property builders.”
Slough Borough Council is promoting as much as £600m price of its properties and land.
The worth of its properties has dropped by thousands and thousands of kilos and it’s going through a £680m borrowing debt and £479m price range black gap.
Properties and being bought embrace Waitrose in Gosport and the Odeon Cinema in Basingstoke.
A report mentioned Waitrose doesn’t wish to prolong its lease after it expires in 2025
A Wickes retailer in Wolverhampton and a Euroway warehouse in Bradford are additionally being bought.
Council chief James Swindlehurst has mentioned the belongings outdoors Slough are “not liked” by residents and are now not wanted.
The council is making an attempt to boost £50m in 2022/23 – and hopes to achieve £100m by March 31 to repay its money owed.
In accordance with a council report, the properties have been purchased between 2017 and 2019 for a complete of £31.8m.
They have been purchased as investments to pump income into the council’s price range – however the yields they gave weren’t as beneficiant because the council initially thought.
Property advisor Avison Younger mentioned the Odeon and the Waitrose have fallen in worth by £5.2m attributable to Covid-19 and inflation affecting the cinema market.
The grocery store commerce in Gosport has fallen and the Waitrose within the space has not traded properly.