The Harrow Market is a local shopping centre in Langley, near Slough in Berkshire. The development of 17 shops and 18 flats was completed in the late 1960s. Retailers have successfully traded there for many years, anchored by a Budgens supermarket.
A lively mix of different occupiers and active asset management has been in place and it is remarkable that there had 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.
Day and Bell’s Lease Advisory team have dealt with consistent increases in rents, while maintaining continuity of income and a strong working relationship with tenants. Various opportunities have been embraced to mutual advantage, including the arrival of a sub Post Office and the return of an award winning hairdressers. Some of the flats have also been taken back by clients and these have been sold on a long leasehold basis.
Our Asset Management function also covers the administration of the common parts maintenance and service charge. Mixed use properties require rigorous compliance with financial rules and legislation; particularly when the portfolio includes multiple owners, commercial and residential tenants and leaseholders of some flats. With our practical approach, a number of improvements have been carried out, including roadway renovation and resurfacing of footways. As managing agents, we also share challenges with tenants, involving support from the Police and Council with car parking issues and dissuading undesirable visitors.
Nat West Bank previously occupied the double unit at 11/12 The Harrow Market. As part of their branch closure programme, our agency team 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 to Thames Hospice.
Another long term occupier traded as a butchers shop at 15 Harrow Market. The business closed in 2019 and a letting is now in hand, introduced through our Agency team. The flat is being sold in conjunction with a local estate agent.