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.”