It seems as though Eastbourne is the place to be for commercial property investment, according to an expert. Mike Reid, from the chartered surveyors and estate agents Reid + Dean, believes that the outlook for the market in the Sussex town is decidedly optimistic.
There has, as of late, been a lot of activity in the seaside town, which is sat on the south coast of England. So much so that many residential agents have witnessed substantial increases across all sales. However, the rises have been more prominent in commercial property.
Speaking to the Eastbourne Herald, Mr Reid explained how, after a five-year period of relative inactivity – or doldrums as he described it – the commercial property market in Eastbourne has "sprung to life". This indicates a new era of activity and growth, which is very welcome indeed.
"Pay a visit to the Arndale Centre and you will see it is almost full with River Island opening and a host of smaller businesses now being represented," he told the newspaper. "Look in Terminus Road and there is Patisserie Valerie, and opposite the station the terrace which was an eyesore just 12 months ago is all sold or let with refurbishments taking place and new businesses moving in."
He gave other examples, including the supermarket giant Morrisons opening their biggest ever store in the UK in Hampden Park. Additionally, at the start of this month, Mr Reid continued, Eastbourne witnessed the sale of the 70-bedroom Claremont Hotel, which is located opposite the pier to Daish.
So significant has the commercial property been in Eastbourne as of late that a number of transaction taking place in 2012 totalled more than the sales of the previous four years, which is astonishing given the current state of the economy.