Makeover for high street as cosmetic treatment firms snap up commercial units
The UK high street is undergoing a makeover with fresh demand for units from dentists, cosmetic clinics and private healthcare.
According to London estate agent Winkworth, commercial units are going to sealed bids as there has been a momentous pandemic interest in cosmetic procedures.
Specialist medical services – including dentistry and cosmetic treatments – have been eying prime spots to open up shops, according to Adam Stackhouse, Winkworth’s head of commercial investments and development.
“A lot of these businesses are moving out of large, out of town private health centres to offer a more personal and bespoke service,” he said on an episode of The Property Exchange podcast.
The agent described a northern-based medical company that came to Notting Hill who took the premises on a sealed bid.
“They exchanged on the property within 10 days, which is unheard of in the commercial sector,” Stackhouse said.
“Some of these operators have developed fantastic reputations during lockdown with online feedback and positive reports from people wanting to improve the way they look.”
It comes as fashion retailers move away from the high street and clothing rental businesses look to acquire a physical presence.
Stackhouse added: “They need to be local to the community so customers can pick up the trousers or handbag they want to use that evening and drop it off the next day.”
Rapid grocery services are also looking for units in prime locations in London, he told the podcast.
Stackhouse added: “A lot of these businesses have rock solid covenants. They are going to pay their rent on time. They have full order books.”
Winkworth boss Dominic Agace,added: “We’re in a yield hungry world and I think investors like the appeal of a yield on commercial mixed use premises. Something smaller scale that can be put in a SIPP as a personal private investment.”