Leisure operator Bowl Central has secured the former Dawsons music shop unit in Caversham Road, Reading – at a rent which rivals a retail letting.
The shop, which became vacant last year, will be converted into a seven-lane bowling venue which will also offer shuffleboard, electronic darts and other games plus food.
Fiona Brownfoot, retail director for Hicks Baker who arranged the deal, told Thames Tap the letting was enabled by the changes to the Use Classes Order which meant no change-of-use permission was needed.
She went on: “We were able to maintain the previous level of rent, even though the new tenant is a leisure operator.
“Historically, the rents payable from that sector were lower than that of retailers. But as retail values have, for the most part, reduced, leisure values have, for the most part, increased.”
The site is directly opposite Hermes’ recently-approved Reading Metropolitan scheme for 620 homes.
For more on the Bowl Central letting and thoughts on Caversham Road developments in general, visit the latest Reading-on-Thames blog.
© Thames Tap (powered by ukpropertyforums.com).
Sign up to receive your free weekly Thames Tap journal here.