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Penrith shopping centre fully let

Wednesday, 19 June 2019

Penrith shopping centre fully let

Peill & Company, the PAI member for Cumbria, The Lake District & Lancashire have recently let a further unit at Devonshire Arcade in the centre of Penrith, meaning that the scheme is 100% let for the first time in a number of years.  Peill & Company took over the marketing of the small speciality scheme a few years ago, as a result of which a number of units have been let and re-let over the period of marketing.  The Devonshire Arcade is a traditional former market hall comprising part of the listed George Hotel in the centre of Penrith and attracts a range of occupiers, predominantly smaller and startup businesses.  A number of the occupiers have established businesses within Devonshire Arcade and have then moved on to larger ‘standard’ high street units elsewhere in the town centre.  

Simon Adams, Managing Director of Peill & Company commented “Our client’s flexible approach in terms of lease agreements for Devonshire Arcade, and offering tenants the flexibility to upsize if business is doing well, or relocate if necessary, has resulted in a number of small businesses locate into Devonshire Arcade, and we have also seen a number of businesses which were established as online only seeking a physical store presence for customers to purchase their goods and services.  It is pleasing to see the Arcade fully let, but the flexible nature of the leases means that there are often tenant changeovers and occupiers moving to larger units meaning that we continue to market the scheme and have a list of enquiries from businesses seeking a unit as and when they become available”. 

Penrith is a market town situated in east Cumbria on the edge of the Lake District National Park and is the administrative centre for the Eden District, one of the largest rural district areas in England.