Penicuik’s Retail Market Flatlines
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The Penicuik Cuckoo can reveal that Penicuik’s retail sector is hanging in the balance as more units are put up for sale.
Three more properties have been put up to let in Penicuik’s faltering shopping precinct, with no sign of hope on the horizon for the others. Nine, 44a and 44c John Street have been added to the market along with 8-10 High Street being put up for auction with Shapes Property Auctions. However the latter has failed to sell at the previous two auctions with the asking price of £220,000.
Upon investigation we can now tell you that the average annual rental cost of commercial property in the pedestrian precinct is around £23,250 and the average price per square metre is £11.65. Continuing on this, the average annual rental cost on High Street is now £15,875 and the price per square foot is £13.66. We also investigated the amount of parking spaces available. Including both Lidl and B&M Bargain’s car parks there are 141 spaces equating to approximately five spaces per shop. If both car parks were at maximum capacity and each car had four passengers and stayed for the maximum time allowed each shop would have ten customers per hour.