How much it costs to open a shop in each empty city centre unit

By Hull Daily Mail | Posted: 18 Mar 2019

Hull's city centre struggles have been well documented in recent months.

Whitefriargate is currently dotted with empty shops, as high street giant Marks & Spencer prepares to close in May.

Boots has also announced it would be shutting both of its current city centre stores - in Whitefriargate and Prospect Centre - to make way for its new flagship outlet in St Stephen's.

Fingers have in the past been pointed at soaring shop rents and business rates. One business owner warned in January that starting a new venture in the city centre was a risk many would not take.

But just how much does it cost to launch a new business in some of Hull's best-known shopping streets?

Using Whitefriargate as an example, the cheapest rates for a year start at around the £12,000 mark, and for some units can be as high as £60,000.

Whitefriargate in Hull city centre (Hull Daily Mail)

We've compiled a list of some of the empty units currently on the market, and listed their rent and business rates value.

On top of this, there would also be utility bills and insurance to pay, but these would depend on the type of business and its size.

57-60 Whitefriargate

The former Bonmarche shop in Whitefriargate
  • Most recently known as -  Bonmarche
  • Business rent per year - £35,000
  • Business rate per year - £37,500
  • Total combined cost - £72,500

22 Alfred Gelder Street

The former Co-op Bank in the centre of Hull
  • Most recently known as - Co-op Bank
  • Business rent per year - £30,000
  • Business rate per year - £27,750
  • Total combined cost - £57,750

73-75 Jameson Street

73-75 Jameson Street
  • Most recently known as - Prem Menswear
  • Business rent per year - £35,000
  • Business rate per year - £28,750
  • Total combined cost - £63,750

53 Whitefriargate

The former Ann Summers shop in Whitefriargate
  • Most recently known as - Ann Summers
  • Business rent per year - £20,000
  • Business rate per year - £25,000
  • Total combined cost - £45,000

60 Whitefriargate

The former Poundworld in Whitefriargate
  • Most recently known as - Poundworld
  • Business rent per year - £25,000
  • Business rate per year - £21,250
  • Total combined cost - £46,250

23 Whitefriargate

An empty shop in Whitefriargate
  • Business rent per year - £52,500
  • Business rate per year - £21,000
  • Total combined cost - £73,500

3 Whitefriargate

The former Shoe Zone in Hull city centre
  • Most recently known as - Shoe Zone
  • Business rent per year - £35,000
  • Business rate per year - £17,000
  • Total combined cost - £52,000

17 Whitefriargate

17 Whitefriargate (PPH)

  • Most recently known as - Whittard of Chelsea
  • Business rent per year - £29,000
  • Business rate per year - £12,750
  • Total combined cost - £41,750



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Source article: http://www.hulldailymail.co.uk/

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