old

fabbGilt
Fabb Sofas' Giltbrook store at Nottingham was among its most expensive
Stores traded by Fabb Sofas, which was placed into administration earlier this month, will be difficult to find takers for because of their size and cost.

 

That's the view of retail property agents working on behalf of UK furniture retailers, who say the property market for retail is among the worst they can remember.


Fabb Sofas, which had nine stores across England and Scotland, ceased trading June 7 when it was placed into administration through PwC.


Its stores are too big and too expensive according to property agents, who say there is likely to be little demand for them.


In fact, lease renewal negotiations are yielding welcome rent cuts for other retailers of up to half of current rates, they say.


Figures seen by The Furnishing Report for half a dozen of Fabb's nine stores indicate the retailer was paying between £30.80–£39.00 per sqft. for stores.


The least expensive passing rent was £322,500 per annum for the 15,000sqft. Paisley store, for which Fabb is said to have been paying £32.25 per sqft.


Stores in other locations were more expensive, with its 30,100sqft Nottingham store (passing rent: £1.17m) and its 30,000sqft. Croydon unit (passing rent: £1.53m) among them. Agents believe Fabb was paying £39 per sqft. and £38 per sqft. respectively for those units.


The figures could not be independently verified and PwC declined to comment on the rents.

Related Story
Fabb Sofas enters administration less than two years after launch