Northumberland Street no longer has top spot

Newcastle's Northumberland Street is no longer exclusively the most expensive shopping street for rents in the UK outside London.

Newcastle's Northumberland Street is no longer exclusively the most expensive shopping street for rents in the UK outside London.

Tyneside's premier shopping parade now shares the mantle with Manchester's Market Square, according to Cushman & Wakefield's Main Streets Across The World 2006 survey.

Rents showed no growth in 2006, compared to rises in every other major UK centre apart from Edinburgh's Princes Street and London's Brompton Street.

Rents on Northumberland Street remained rooted at $307 per sq ft, although property experts said a lack of prime units coming to the market had held back rents. Zone A rent is calculated on the space at the front of the shop, typically next to the property's window displays.

Bob Fletcher, director at Newcastle property agent Sanderson Weatherall, said the £170m redevelopment of Eldon Square and developer Multiplex's plans for Pilgrim Street was needed to attract shoppers back to Tyneside.

He said: "Eldon Square is 30 years old and shoppers do not get that new experience from Newcastle.

Shoppers would prefer to go to Manchester or Glasgow or Leeds, which have all had new shopping and leisure developments in the past five years, which has perhaps had an effect on the numbers shopping in Newcastle and helped to keep rents down."

High profile retailers such as Selfridges and House of Fraser have long-standing requirements for more than 100,000 sq ft, but a lack of space has frustrated their plans to move into the centre of Newcastle.

High streets league table

High streets of the world (US $ retail rents per sq ft):

New York's 5th Avenue: 1,350

Hong Kong's Causeway Bay: 1,134

New York's Madison Avenue: 1,100

Paris' Avenue des Champ Elysees: 805

New York's East 57th Street: 800

London's New Bond Street: 583

Newcastle's Northumberland Street: 307

Manchester's Market Square: 307

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