The sale of an established Worcester retail premises brings fresh hope to the city’s high street after being bought by a mystery property company.
Crockery store G R Pratley & Sons in The Shambles, Worcester has traded from the same shop for more than 132 years. Like many independent businesses, the retailer was forced to close because of the current economic climate – an ever-increasing problem for Britain’s high streets.
The premises, which sits between Elts shoe store and Marks & Spencer, has now been sold to a mystery buyer, who is understood to have secured a lease with a well-known retailer.
Rob Champion, partner at Worcester-based agents Halls Commercial, said: “It is terribly sad that Pratley’s had to close after more than a century of trading. Unfortunately, the combination of rents and, more particularly, business rates has caused many independent retailers to go out of business. It’s an end of an era for Pratley’s, which was renowned locally for its connections with Royal Worcester porcelain.
“I can’t disclose the name of the buyer for commercial reasons. However, I know they have a retailer lined up and it will be considered as good news for Worcester.”
The 5,392 sq ft premises had been listed for £1 million, dropping more recently to £850,000. Rob Champion confirmed it had been sold for ‘close to the asking price’.
Halls Commercial provides specialist commercial property services to a wide range of clients throughout the Worcestershire, Herefordshire, Shropshire and wider Midlands region.