Purpose – This research investigates the drivers for the rental value of motorway service areas and aims to identify and analyse these factors to provide a better understanding of the retail opportunities in these locations. Design/methodology/approach – The primary research looked at the reasons that clients/customers chose to visit motorway service areas. In addition, the research included two case studies of motorway service areas and a number of interviews with experts in the field. Findings – The main findings determined that there has been an increase in turnover figures which, as motorway service area rents are mainly calculated as a base rent and percentage of turnover figure, shows there is an increase in rental value. It is also proffered that the regulations set out by the Highways Agency and Department for Transport are holding back growth of motorway service areas. Originality/value – There is very little research undertaken on the rental determinants of motorway service areas as a sub‐set of the retail market. This research provides an insight into the mechanics of this sub market and identifies the drivers of rental values.
Journal of Property Investment & Finance – Emerald Publishing
Published: Apr 19, 2013
Keywords: Motorway service area; Rental value; Retail footfall; Valuation; Signage; Motorway
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