Company backs enterprise advising on shop-to-resi conver…
The franchise giant Winkworth claims to have supported the establishment of a trading company that advises on investing in retail or business premises for the development or conversion of residential properties.
Winkworth reveals few details on stage, but says: “The first results of this project are very encouraging.”
The sector is likely to be a growth market for agents – earlier this week, Local Data Company for management consultancy PwC announced that over 8,700 chain stores in UK high streets, shopping malls and specialty shopping centers had closed in the first six months of this year. That is an average of almost 50 stores per day as the effects of the pandemic and changing shopping habits continue to hit many cities and city centers.
The news of Winkworth’s startup investment came in the agency’s latest trading notice to shareholders.
On the sales side, Winkworth said it had a record month of completions in March 2021, before the stamp tax holiday extension, and June 2021, with sales revenue in the first half of 2021 beating full-year 2020.
The focus of activity was on the rural markets, where the desire to get out of the city centers played the greatest role.
In the first half of 2021, the franchise office network’s gross revenue increased 92 percent from £ 36.4 million over the same period in 2020.
Sales revenue rose 195 percent and rental and administrative income rose 11 percent to £ 11.8 million – that is, a breakdown of rental and administrative income of 32 percent and 68 percent of sales across the company as a whole for the half year, respectively.
Meanwhile, the franchise giant says the rental market so far this year has been split between housing and housing demand, with homes and landings leading the way while London rentals suffered from the pandemic.
Winkworth claims that the lack of international workers, students and young professionals affected the London rental market, although demand recovered over the course of the first half of 2021 and people prepared to return to work.
“While rents in the country markets grew significantly, rents in London remained below the level before the pandemic, albeit with the first signs of recovery towards the end of the first half of the year,” said the company’s retail statement.