Pictured above: Matt Cullen
Experienced property man Matt Cullen has taken a role at
Nottingham agent heb boosting the company's growing retail and
licensed leisure department.
Matt has more than 16 years' experience in commercial property
having worked previously at Lambert Smith Hampton in Nottingham and
having held roles at CBRE and DTZ in London, dealing with the
European retail and leisure sector.
He said: "The opportunity came up with heb. I have known the
partners for many years and know that heb is one of the region's
leading commercial property agencies and a really forward-thinking
firm, and so I felt it was a great opportunity."
Partner and head of retail Jonathan Emmerson: "It is a great
coup for heb that Matt has joined us. He has a wealth of knowledge
which will not only enhance the retail and licensed leisure
department - but the firm as a whole."
After 18 months out of the commercial property market, Matt says
he has been "pleasantly surprised" by the buoyancy of the retail
market.
"I was pleased to see that the retail market has been improving
locally," he said. "I have seen things picking up. I have been
surprised by the activity taking place at the moment.
"In the few weeks I have been with heb, I have had seven deals
in with solicitors which compares favourably with how things have
been during the downturn."
As for the Nottingham retail scene, Matt says that the city has
struggled somewhat over the last 18 months.
"With Derby and Leicester having significantly extended existing
schemes, Nottingham has fallen a little way down the pecking
order.
"The retail market has been but has improved slightly over the
last six months with a couple of new requirements coming to the
market. Vacancy rates remain high in the city though with units
continuing to come to the market.
"A revamp of the Broadmarsh will help the southern end of the
retail pitch and improve the tenant mix of the scheme which has
suffered with the uncertainty of the last five years."
But Matt has a word of warning to landlords…
"They have to be flexible in their aspirations in terms of lease
length and tenant inducements," added Matt.
"What is evident is that on the rental side of things, people
have to take a view these days. Landlords have got to be realistic.
It is all well and good holding out for the rent you want, but you
have to take what is the going rate.
"We are finding that shops under £50,000 pa let well
generally with good levels of demand. Throughout the property
market, it's all about confidence. The leisure market remains
difficult with an over supply of units in the city centre and a
lack of requirements, and this is likely to remain unchanged for
the foreseeable future."
Matt, also has an involvement in the Moleface Pub Company with
John Molnar, Matt Saunders and Simon Patterson, his expertise in
the licensed leisure department will enhance heb's knowledge of the
public house market and he will be working alongside Peter Noble in
this sector of the market.