It has long been one of Glasgow's best-loved shopping streets, with a mix of small, artisan retailers and medium-sized businesses.

But a series of closures, an increasing number of empty shops and rumours of high-street chains moving in have sparked fears that Byres Road, in the west end of the city, is losing its identity.

Now one of the area's most popular independent food producers has revealed he has been forced to give up his dream of moving into Byres Road to develop his business because of "impossibly high" business rates and rent.

Stefan Spicknell, whose bakery Cottonrake in Partick's Hyndland Street has been wildly successful since it opened two years ago, has spent months looking for new premises in which to create a new seven-day artisan bread bakery, and to develop the patisserie side of the business for which he has created a loyal customer base.

His "dream" premises were the former Roots'n'Fruits greengrocers at the top end of Byres Road next to Waitrose supermarket.

But when he discovered he would have to pay a combined sum of at least £70,000 a year for rates and rent – more than three times what he paid in Partick – he had to reconsider. Now he is close to signing a deal for new premises at Kelvinbridge, which are less than half the price of Byres Road and just £10,000 higher than Partick.

"When it comes to Byres Road, business rates are the killer for small businesses," said the 34-year-old chef-turned-baker.

"Rates alone are upwards of £18,000 a year and the rental of the Roots'n'Fruits site would have been £52,000. I was advised that the London-based landlord of the site would not negotiate on the price, so I had to walk away.

"The landlord I am negotiating with now is local, flexible and much easier to have a proper business relationship with."

He added that even with Glasgow City Council's reduced business rates of 15% for small businesses, the price was still too high for most independents to consider setting up shop.

"It would still mean paying back over £1000 a month in rates alone, before you even open the door," he said. "That's phenomenal and frightening. Many small businesses who agree to those prices for the privilege of having a presence on Byres Road tend to go under within months, and I am not prepared to risk that."

Mr Spicknell's business plan, for which he has a £25,000 bank loan, involves employing two new full-time members of staff, investing in new equipment, and taking on two apprentice bakers.

"I started Cottonrake in Partick with £140 in my pocket, and I could not have made it work without the support of my local customers.

"I wanted to establish a long-term bakery business in the local area and have got some pretty heavy financial investment to do it. But I've had to leap-frog quite a distance away. It's a massive step for me to take, because I risk losing my customer base and having to start all over again."

He said that when it comes to the West End, "it's not about where you want to be, it's about where you can afford to be. Byres Road lives in a different world from reality."

Meanwhile, there are rumours the Roots'n'Fruits and Mailbox Etc units have been taken by high street clothing retailer Next, and that a branch of bookmakers Ladbrokes is to move into a site formerly owned by Santander – sparking further rumours the empty Clintons card shop will soon become a branch of PaddyPower bookmakers.

Mark Tracey, spokesman for the Byres Road Traders Association, said: "Byres Road is in dire need of investment by Glasgow City Council, both in infrastructure and in a reassessment of its business rates. Other areas such as the Merchant City and Finnieston have received regeneration money, but Byres Road has been neglected.

"We are looking to the city council to provide us with the reason why our rates are higher than in other areas."

It means paying back over £1000 a month, before you even open the door. That's phenomenal and frightening