|Chiswick Has London's Fastest Rising Retail Rents|
Report 40% rise over in the last three years
Chiswick's shop rents have been rising faster than anywhere else in London up by 40% over the last few years. This is one of the fastest rate in the country and is causing significant pain for many local businesses.
The figures were revealed in a report by property consultant Donaldson's which highlighted how areas like Chiswick are catching up with the West End in terms of cost.
A manager responsible for a national restaurant chain's property leases described Chiswick High Road as one of the top eight target locations for his business. A relatively small premises now costs over £50,000 a year in rent.
The rapidly rising prices have caused concern about the mix of shops on the High Road. An increasing number of people are claiming that the street is losing its character as locally owned businesses get squeezed out. The High Road has become increasingly dominated by estate agencies, coffee shops and mobile phone outlets.
There are some indications that higher rents and slower trading since September 11th may be starting to take its toll. Several restaurants and shops have closed on the High Street over the last few months and some premises have remained unoccupied for a considerable period.
March 8 , 2004