Luxury brands, independents, new restaurants and bars have all opened in the town over the past 12 months, leaving few empty premises.
The vacancy rate of one per cent is 10 per cent below the national average. The £70m Flemingate Centre is also flourishing and will soon be 90 per cent let.
Alan Menzies, East Riding Council’s director of planning and economic regeneration, says the one per cent vacancy rate, reported by independent consultants, is the lowest in his 22 years at the authority.
Mr Menzies says: “The vacancy rate is not far off zero. Some seriously good top dollar businesses have come to the town this year.
“People will point to the empty former Wilko store being the exception but is understood the lease will expire in 2018 and we are looking forward to a new occupier coming in.”
Chris Mason, of Hull-based Scotts Property, says: “Beverley has been able to attract a number of quality brands often associated with vibrant and attractive towns, including the likes of Seasalt, Jo Malone, Hotel Chocolat and Jack Wills.
“In addition independents are attracted to the town centre as a whole, ranging from the new lighting shop in North Bar Within through to the recently opened bakers and delicatessen in Wednesday Market.
“There is also a strong presence in the food, drink and leisure sector from various establishments at Flemingate, to those in Wednesday Market, which has seen the recently opened Cockpit cafe bar and the expansion of Chamas Restaurant, through to North Bar Within, where Thwaites is investing significantly in the former Beverley Arms.
“The attraction of Beverley as a place to invest is clear. Investors see prospects of strong occupier demand and value growth, which is demonstrated by the high levels of demand and prices paid.
“In 2017, prime central area investments have typically attracted yields between five and six per cent for well secured prime retail opportunities.”
Office occupiers are also attracted to Beverley, with the letting of Grade A offices at Flemingate.
Mr Mason says: “There is every expectation that the attraction of Beverley as a commercial centre will continue to strengthen throughout 2018.”
Graham Tait, Flemingate Centre manager, says: “We opened just over two years ago and since then we have seen trade and footfall grow at Flemingate and throughout Beverley, while the number of vacant units in the town centre is now lower than for many years.
“Our footfall is 36 per cent up on last year and businesses across the centre are reporting strong trading in the run up to Christmas.
“We’ve just announced another new occupier for the offices at Armstrong House at Flemingate and we’re expecting fit out to begin for a major new leisure operator early in the new year.
“That will take us to more than 90 per cent let across the centre, mirroring the buoyant picture in Beverley as a whole.”