Cavendish Shopping Arcade, Buxton, SK17 6BQ

A Grade II listed Neo Classical thermal baths, Cavendish Shopping Arcade was constructed in the early nineteenth century and gathers together the finest independent retailers including clothing, beauty products, homewares, gifts, books, chocolatier and eco-friendly goods.

The building was converted to retail units in 1987 and was the subject of a further major refurbishment in 2002. Over the following years the property has been continually maintained and upgraded.

The property is constructed of sandstone blockwork, the shopping experience is crowned by the stunning stained-glass, barrel-vaulted roof, designed by painter and artist Brian Clarke.

The Hot Baths were totally rebuilt during 1852/53 to the design of Henry Currey, the 6th Duke of Devonshire’s architect. They were largely enveloped in an iron and glass structure with a colonnade running along the front, extending the sheltered promenade that ran along the frontage of the Crescent and the side of the Natural Baths. The design has affinities with the Crystal Palace in London and the Great Conservatory at Chatsworth, both designed by Joseph Paxton.

The spa town of Buxton is situated within the County of Derbyshire and is known as the gateway to the Peak District National Park. The town is situated 20 miles south east of Manchester, 13 miles east of Macclesfield and 24 miles west of Chesterfield.

Buxton is an extraordinary town, combining an unusually fine mix of buildings, parks and public spaces. It serves a relatively wide rural catchment area and is situated on the main A6 north/south arterial route. Buxton also has a railway station, which connects directly with Manchester and the West Coast Mainline at Stockport. There are 24 trains between Buxton and Manchester every day.

The property is located in a prominent position in Buxton town centre, between Spring Gardens shopping area and Pavillion Gardens. Forming part of the Quadrant, the development provides a cosmopolitan mix of quality independent and branded shops, restaurants and bars.

The Arcade benefits from significant frontage to Terrace Road (A515) and is opposite the prime retail area of Spring Gardens and its associated Spring Gardens Shopping Centre, which is anchored by Waitrose, Next, WHSmith and Superdrug.

Freehold.

The Arcade is currently let to eighteen tenants producing a gross contracted rent of £235,850 per annum, with a further unit under offer.

The current tenancies have a WAULT of 3.19 years to expiry and 2.48 years to lease events.

Cavendish Arcade is one of the key retail offerings in Buxton and is popular with local businesses as demonstrated by the consistently high occupancy rate. Competition for space from local retailers will continue to place upward pressure on rents.

Steps taken to improve the tenant mix have created an attractive retail environment, which continues to attract the highest quality independent retailers such as Divine Trash Clothing, Atticusboo, Wild Olive and Jantar Jewellery.

There are currently 3 cafes/restaurants in the scheme which ensures increased dwell time. We believe that this could be improved further due to the demand from catering occupiers.

The opening of The Crescent 80 bedroom 5 star luxury spa hotel development on the adjacent site has acted as a catalyst for attracting tenant demand from niche retailers such as florists, beauticians and luggage retailers.

Add value by completing the letting of Unit 7.

Acquire the freehold interest of 6 The Colonade to control this valuable external facing shop unit.