New retail name on Exeter’s High Street

The closure of McGahey’s Tobacconist has attracted widespread headlines as the last truly independently-owned retailer leaves the High Street. However, the move brings a new regional retailer to Exeter and will be welcome to the city’s pasty lovers.  Acting on behalf of McGaheys, Stratton Creber Commercial have assigned the lease over the retail booth on the corner of High Street and Castle Street to Cornish Bakehouse, whose fit-out is set to commence in the coming days. The deal was complicated by the need for consents from two landlords, both for the lease assignment and in respect of Cornish Bakehouse’s proposed works. McGahey’s lease was at a passing rent of £36,000 per annum, and was assigned at a premium, reflecting the strengthening of rental values since the lease began.