Lettings
Published: 07 February, 2009
Record Rent at Lion Yard, Cambridge
Aberdeen Property Investors has secured a record rent for the Lion Yard shopping centre in a deal with New Look to lease a new 23,000-sq ft two-level store for a 15-year term at £650,000 pa. When it takes possession in time for Christmas 2009, New Look will surrender its existing store on Petty Cury at the main entrance to Lion Yard. Smith Price and Lunson Mitchenall acted for Aberdeen Property Investors and New Look was advised by CBRE.
■ Ashford
Poundland has taken a new 10-year lease at Unit 33, County Square, from ING Retail Property Fund. The commencing rent is £150,000 pa and the property provides 4,200 sq ft of ground floor sales and 4,150 sq ft at first floor. Poundland was represented by Capital Retail.
■ Chester
Cushion Flex has taken a four-year lease on 1,023 sq ft at Unit 3, The Forum shopping centre at £35,100 pa. Legat Owen was letting agent on behalf of ING Investment Management.
■ Doncaster
Poundland has taken a new 10-year lease at Unit 120/123 The Frenchgate Centre, from Frenchgate Nominees at a commencing rent of £165,000 pa. The property provides 4,500 sq ft of ground floor sales and 1,600 sq ft of first floor storage. Poundland was represented by Jones Retail and Frenchgate Nominees by Lunson Mitchenall
■ Glasgow
Burger King has taken Unit 1 at Xscape, Braehead on a new 15-year lease at a commencing rent of £59,000 pa with six months rent free and a tenant’s break option at year ten. Briant Champion Long was letting agent and Cushman & Wakefield advised the tenant.
■ Gravesend
Poundland has taken a new 10-year lease on Unit 17 & 18, Thamesgate shopping centre, from Cream Nominees at a commencing rent of £135,000 pa. The property provides 4,200 sq ft of ground floor sales and 2,500 sq ft of first floor storage space. Poundland was represented by Capital Retail and Cream was represented by Jackson Criss.
■ Great Yarmouth
Poundland has taken a new 10-year lease at Unit 2 Market Gates shopping centre, from Miller Developments at a commencing rent of £125,000 pa. The property provides 3,006 sq ft of ground floor sales space, 163 sq ft of ground floor ancillary, a 301-sq ft mezzanine and 3,160 sq ft at first floor. Poundland was represented by Capital Retail and Miller by Kitchen La Frenais Morgan.
■ Hanley
Poundland has taken a new 10-year lease at 411-413 The Potteries shopping centre, from Capital Shopping Centres on a turnover rent capped in the first year at £175,000. The property provides 4,075 sq ft of ground floor sales and 1,349 sq ft of ground floor storage space. Poundland was represented by Jones Retail and Capital Shopping Centres by Tushingham Moore.
■ Hartlepool
Esquires Coffee has taken 2,173 sq ft in the South Mall of the Middleton Grange shopping centre on a 10-year lease with six months rent free. The initial rental will be £40,000 pax subject to annual increases of 2.5 per cent. Cushman & Wakefield and Central Retail were letting agents on behalf of PPG Metro 500.
■ Kidderminster
Buff Hairbeauty has taken a new five-year lease on 20 Bull Ring in the Swan Centre, providing 1,163 sq ft of ground floor sales space at £20,000 pa. Landlord the Glanmore Kidderminster Guernsey Unit Trust was represented by Rowley Hughes Thompson and Bidwell Webber De Pons.
■ Mansfield
In Time has taken a 150-sq ft mall kiosk in the Four Seasons Shopping Centre on a new five-year lease at £20,000 pa with a tenant-only break option at year two. The tenant was granted two months rent free. Tushingham Moore advised the tenant and Cushman & Wakefield was letting agent on behalf of PPG Metro Mansfield.
■ Newcastle
River Island has taken a 10-year lease on the 5,000-sq ft Unit G1 on the Silverlink retail park at £212,500 pa or £42.50 per sq ft. Wilkinson Williams and Harvey Spack Field were letting agents and CBRE represented the tenant.
Record rent at Lion Yard, Cambridge
■ Northampton
Simcat, trading as Diamonds and Pearls, has taken a new 10-year lease at £61,500 pa on the 1,200-sq ft 35, Princes Walk in the Grosvenor Centre. Cushman & Wakefield and Jones Lang LaSalle were letting agents on behalf of the Northampton Shopping Centre Limited Partnership.
■ Northwich
PruPIM has let the 5,000-sq ft unit 2B on the Northwich Retail Park to Sports World International on a new lease at a commencing rental of £27.50 per sq ft. Cushman & Wakefield was the landlord’s agent.
■ Nottingham
British Land has leased the 7,183-sq ft Unit 7, Giltbrook Retail Park to Mamas & Papas on a 15-year lease at £251,405 pa or £35.00 per sq ft. Wilkinson Williams & Havills were letting agents and Thompson Heaney advised the tenant.
■ Stratford Upon Avon
Argos has taken a 15-year lease on the 10,008 sq ft Unit D2 at the Maybird Centre. A commencing rent of £325,260 pa or £32.50 per sq ft was agreed. Wilkinson Williams and CBRE were letting agents
on behalf of Hermes Property Unit Trust
and Thompson Heaney represented the tenant.
■ Stirling
Kleinwort Benson (Jersey) Trustees has let 753 sq ft at Unit 44c, Bastion Wynd, in the Thistles shopping centre to Parchment on a 10-year lease a commencing rent of £39,000 pa or 12 per cent of gross
turnover, whichever is the greater. The tenant also received three months rent free and a capital contribution of £52,500. Cushman & Wakefield represented the landlord and SGM the tenant.
■ Woking
Poundland has taken a new 10-year lease at 17/19 Wolsey Walk in the Wolsey Place shopping centre, from IM Properties at a commencing rent of £150,000 pa. The property provides 2,659 sq ft at ground floor and 2,752 sq ft at first floor. Poundland was represented by Capital Retail and IM Properties by Nash Bond.
■ York
Cheval Properties has let 3,553 sq ft of restaurant space to Chiquito at its Clifton Moor leisure scheme. The Mexican bar and grill chain has taken a 15-year lease at £88,825 pa. Cheval was advised by Edgerley Simpson Howe & Partners and Chiquito was represented by Reis Short & Co.
Record rent at Lion Yard, Cambridge
Aberdeen Property Investors has secured a record rent for the Lion Yard shopping centre in a deal with New Look to lease a new 23,000-sq ft two-level store for a 15-year term at £650,000 pa. When it takes possession in time for Christmas 2009, New Look will surrender its existing store on Petty Cury at the main entrance to Lion Yard. Smith Price and Lunson Mitchenall acted for Aberdeen Property Investors and New Look was advised by CBRE.
Derby
Windhorse Trading, trading as Evolution, has taken a new five-year lease at £55,000 pax with one month rent free on 17, Crown Walk in Westfield Derby. The unit provides 1,300 sq ft of sales space and a 1,000-sq ft basement. Cushman & Wakefield was letting agent.
Gateshead
Henleys Retail has taken the 3,000-sq ft Unit 20, Central Mall in the MetroCentre on a new 10-year lease at a base rent of £250,000 pax or 11 per cent of turnover whichever is higher. Cushman & Wakefield advised the tenant.
Manchester
The Fragrance Shop has taken 500 sq ft at 60d, Cromford Court in Manchester Arndale on a new 10-year lease with a tenant’s break option at year five at £52,780 pax. Cushman & Wakefield advised the tenant.
