'Acute' lack of stock holds back out-of-town retail market
Scotland saw 39 deals for out-of-town warehouse space in the first half, with 22 in the first quarter and 17 in quarter two. Savills found the pace had slowed as the units that had become available because of the Carpetright and Homebase administrations were quickly re-let, meaning availability dropped again. The agent forecasts that, if the level of activity remains consistent, Scotland is on track to reach around 88 new lettings by year end – a 76% increase on last year. However, this highlights the distinction between appetite for space versus what will or can be achieved on actual supply levels.
Mike Spens, director in the out-of-town retail team at Savills Scotland, said: 'There remains considerable appetite from out-of-town retail operators in Scotland, however with vacancy rates falling below the UK national average, an acute lack of stock is hampering further letting activity.
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'For the space that is available, we are continuing to see upward pressure on rents in certain towns, and a competitive leasing environment, which was evident in Dunfermline when Wickes' interposed lease saw a 24% increase in the passing rent.
'With the shift in focus towards affordability and convenience, the region could be well-positioned to benefit from sustained demand throughout 2025 and beyond if the issue of supply can be resolved.'
Savills found that the most active operator in the last 18 months has been Home Bargains, which acquired six units. The next most active have been B&M and Sainsbury's, which have each taken three. The Range acquired two former Homebase units at Auldhouse Retail Park in Glasgow and Craigleith Retail Park in Edinburgh. Wickes opened a newly built store at Westhill on the outskirts of Aberdeen and agreed an interposed letting over the Homebase unit at Halbeath Retail Park in Dunfermline prior to its Company Voluntary Arrangement (CVA).
The trends in Scotland largely reflect the market for the UK as a whole, with Home Bargains, B&M and Sainsbury's among the top 15 most acquisitive operators for 2024 and 2025 so far on a national basis.
Sam Arrowsmith, director in the research team at Savills, said: 'Our latest research highlights a critical shortage of available retail warehouse space, with vacancy rates at a historic low. This scarcity, coupled with a strong demand for out-of-town retail locations, has led to upward pressure on rental values. The recent Poundland restructure will only see approximately 50 units returned to the sector nationally. Not enough to satisfy the appetite demonstrated in Q1 take-up.'
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