Local Economy Revitalised, Somewhat
There are tentative signs this week that Penicuik’s frigid local economy may be fighting back after the recession.
Two small units in the commercial shopping precinct have been let whilst another has been sold and another has been placed under offer.
The units at 44A and 44C John Street have been let by the property agency EYCO on behalf of the landlord LJR Properties Ltd, who purchased the shopping precinct in 2005. The new tenant of 44A is unknown however the tenant of 44C revealed themselves to us earlier this week.
William Purves, the funeral directors, will be moving from their current property at 74 John Street. They explained the move to us:
We were keen to invest in Penicuik and saw this property as not only a bigger shop but also a more visible one
The outfitting of the new larger property, which was formally an opticians, is ongoing with an estimated opening date set for early July. Until then business will continue as usual at their current location.
Both properties have been let for just below £10k per annum, significantly lower than the neighbouring unit at forty John Street, which is still up to let for £55k per annum.
Elsewhere and renovation works are still ongoing at 28 High Street which is said to now be owned by BIS Insulation, a Penicuik based company, whilst it is also believed that the former “Shoes by Shuffles” is also in the late stages of offer negotiations.
Despite this surge of recent sales, a new tenant for the “M&Co” unit still remains elusive. It has now been on the market for fourteen months.