An independent estate agency in Northampton has closed its office for good – just 18 months after launching.
Strada Real Estate has closed its only branch at the former Colemans stationery shop, located in a prominent position on St Giles Street, NN1, despite only opening the business after agreeing a 10-year commercial lease for the office in August 2022.
A spokesperson for the estate agency told the press that “market conditions were terrible for a start-up agency”, forcing the business to close.
The company has been late filing its account at Companies House, while a notice of forfeiture was attached to its front door by the property’s landlord, after several month of non payment of rent.
The estate agency was launched by Paul Campbell, who has worked in the property industry, specialising in law for 22 years, and employed five members of staff.
Recent data released by TwentyEA, part of the TwentyCi Group, revealed that the UK’s high street sales and letting agents suffered almost 5,000 branch closures in 2023, as many agency brands disappeared or merged amid challenging economic conditions.