The Key To High Residential Property Values? Food. Lots of Food.
Retail—and food offerings especially—is what people want in their neighbourhoods, according to a recent report by CBRE. 83% of those surveyed said it was important to have a strong retail offering in their neighbourhood, and 77% felt having good quality retail had a "strong positive" impact on residential values.
CBRE head of residential research Jennet Siebrits says the survey highlights the necessity of offering retail in new developments and the crucial role that retail plays in placemaking opportunities.
Jennet also notes that the “Waitrose effect”—the arrival or presence of a Waitrose or another premium supermarket chain—reflected a certain level of affluence, but CBRE is now seeing more growth and engagement with smaller micro-chains and artisan stores, such as small bakeries, delis, premium butchers, florists or boutique stores. In fact, 65% of the survey participants agreed independent stores were preferable to large chains.
However, the top six retailers that people wanted in their neighbourhoods were all food-focused. Here are the retail outlets participants rated as most preferable in a residential development:
70% - Coffee shop/patisserie
54% - Supermarket
54% - Restaurant
44% - Bar/wine bar
36% - Convenience store
34% - Delicatessen