The Harrow Market is a local shopping centre in Langley, near Slough in Berkshire. The development of 17 shops was completed in the late 1960s and retailers have successfully traded there for many years.
A healthy mix of different occupiers and active asset management has been in place and it is remarkable that there have been no new lettings in the centre since the original leases were granted. Changing shopping patterns have led to some units being transferred, resulting in the arrival of a beauticians and Dominos Pizza, although the original healthy range of occupiers has generally stood the test of time.
Nat West Bank previously occupied the double unit at 11/12 The Harrow Market. As part of their branch closure programme, we negotiated an early surrender of Nat West’s lease – subject to a significant premium payment to the Landlord. Day and Bell then offered the first unit in Harrow Market – on the market – in almost 50 years.
Strong interest was received and we are delighted to report that a new letting has completed. Thames Hospice have taken a new ten year lease with a five year break and review. A capital contribution, rent free period and stepped rental was agreed, compensating Thames Hospice for the requirement to install a new shop front, strip-out the bank’s fittings, complete repairs and remove asbestos. The Landlord retains a surplus from the premium received from Nat West and the rental increases from £32,200pa for Nat West to £42,000pa on the letting. 5763 Associates Limited represented the tenant, with Day and Bell acting for the Landlord as letting agents and Asset Managers.
The loss of a clearing bank is not ideal for any shopping centre. However, the attraction of Thames Hospice will draw new customers to Harrow Market. They successfully trade from 20 branches and will provide an upmarket charity shop facility, with a very high standard of fitting-out. We wish Thames Hospice good fortune in Langley and believe they will contribute to the continuing vitality and mix of goods and services available at The Harrow Market.