Ediston lets in Sunderland

Two new lettings at Pallion retail park, Sunderland

Ediston has completed two new lettings at Pallion retail park, Sunderland, to Go Outdoors and Cancer Research UK at a combined rent of £280,000pa.

Go Outdoors will occupy the 12,000-sq ft unit 2, formerly occupied by B&M which has recently upsized to a larger unit on the retail park. Go Outdoors will take a 10 year lease with a tenant only break option at the end of the fifth year. The annual rent will be £198,000, an increase of 27 per cent over the current passing rent.

Cancer Research has leased the 4,100-sq unit C on a 10-year lease with a tenant-only break option at the end of the fifth year, paying an annual rent of £82,000.

Both tenants will receive 12 months’ rent free from the commencement of their leases, but will be liable to pay a penalty equivalent to six months’ rent should they exercise their break options.

Calum Bruce, director of investment at Ediston Properties, said: “This year we have completed ten letting deals to new and existing tenants across our retail warehouse portfolio, securing in excess of £1.1m of rental income. These lettings show that there is still demand from retailers for good quality retail parks at affordable rents.”

 

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