The Works has opened a new shop in Ely in a ground floor retail unit on which property agent Barker Storey Matthews acted under instruction for the landlord with Francis Darrah Chartered Surveyors representing The Works.

The 1,636 sq ft unit ground floor retail unit is at 21 High Street, Ely and is part of a property acquired last year (2017) by Barker Storey Matthews as an investment property for its client. 

In addition to the retail space, there are two upper floor residential flats let on Assured Shorthold Tenancy (AST) basis.

Previously occupied by fashion chain, Select, the ground floor unit at 21 High Street was immediately re-let to The Works following the fashion chain’s filing for CVA in March this year (2018) and an early lease surrender agreement.

Ben Green, Director, Barker Storey Matthews - who spearheaded the lease negotiations on behalf of the landlord - comments, “This letting demonstrates the strength of the retail market in Ely when compared with other high streets in the UK where vacancy rates are high.

“When advising our client on the property purchase last year, we knew the risk of Select vacating but, at the same time, we were confident of finding a replacement tenant of better covenant strength.”

Carol Cooper of Francis Darrah Chartered Surveyor adds, “We have been looking for a shop in Ely on behalf of The Works for several years as part of their acquisition programme.

“When this shop became available, it was ideal in terms of size and location.  The Works are delighted to be trading in the city at last.”

For more information on retail opportunities in the area, contact the Cambridge office of Barker Storey Matthews, tel 01223 467155 or see bsm.uk.com.