Lettings
Published: 20 July, 2009
Aberdeen: Kurt Geiger has taken a 1,527-sq ft unit, located on the ground floor of the Bon Accord Centre on a 10-year lease. The new store, which is set to open in August, will join an array of other stores opening in the centre this summer, including River Island, Topshop, Topman as well as Scotland’s biggest Next. The Bon Accord & St Nicholas centres are jointly owned by Land Securities and British Land. Cushman & Wakefield was letting agent while Harrods Estates acted for Kurt Geiger.
Billingham: Stockland has let 47 Queensway to Grainger Games. The retailer has agreed a new 15-year lease on the 796-sq ft store and will pay a rent of £21,000 pa. Stockland was represented by Savills while Grainger Games was unrepresented.
Bristol: Sandwich retailer Boulangerie has opened its first store in Broadmead at 3 Union Street, opposite the entrance to The Mall Bristol, The property provides a ground floor sales area of 749 sq ft with 588 sq ft of ancillary basement accommodation and Boulangerie has taken a new five-year lease at a commencing rental of £27,000 pa. Hartnell Taylor Cook advised the landlord, Urbina, and the tenant was unrepresented.
Glasgow: Fashion and accessories retailer Belstaff has chosen Redevco’s Princes Square, Glasgow, for its first store in Scotland. Belscott, trading as Belstaff, will take a 929-sq ft store, paying £92,000 pa on a 10-year lease, with nine months’ rent free. Cushman & Wakefield and CWM advised Redevco.
Guildford: Legal & General Property has let 13 Friary Street to Jamie Oliver’s restaurant chain, Jamie’s Italian. The celebrity chef has agreed a new 25-year lease on the 4,624-sq ft property at £150,000 pa. Jamie’s Italian has restaurants already open in Oxford, Bath, Kingston and Brighton and a further two opening later in 2009 in Canary Wharf and Cardiff. Savills and Roche Retail were letting agents and Jamie’s Italian was represented by Graeme Wait.
Harlow: CGNU Life Assurance, part of Aviva, has leased Unit 4b, The Oaks Retail Park to Jollyes. A new 15-year lease has been agreed at a commencing rent of £141,768 pa or £18.00 per sq ft, and with fixed reviews at years five and 10. Wilkinson Williams was letting agent.
Leeds: Topwell has let Units 34-35 in the Arndale Centre, Headingley, to Market Town Taverns. The bar/restaurant group has agreed a new 20-year lease on the unit, which is arranged over two floors and totals 1,910 sq ft. Market Town Taverns will pay a rent of £47,500 pa. Topwell was represented by Savills. Dacre Son & Hartley represented the tenant.
Leeds: Argos has taken a 15-year lease on the 10,000-sq ft Unit 11 on the Birstall Shopping Park at a commencing rent of £325,000 pa or £32.50 per sq ft. Wilkinson Williams and CBRE were letting agents. BNP Paribas advised the tenant.
Leeds: The 21,000-sq ft Spring Ram Retail Park has been bought by Leeds and London Investments for more than £8m. The deal represents a net initial yield of 8.5 per cent. The property is let to Borders and Habitat on a 15-year lease generating an annual rental income of £726,000. Morgan Williams advised the vendor, NPI, part of the Pearl Group, while the purchaser was represented by Knight Frank.
London EC4: EAT has taken Unit 2 at Capital House, a new development at 85 King William Street, close to the Bank of England. The catering operator has agreed a new ten-year lease at a commencing rent of £90,000 pa with an undisclosed rent-free period. Landlord Commerz Real was represented by Savills. King Sturge advised the tenant.
London WC1: EAT has entered into a new 15-year lease on unit 7, One Southampton Row, a newly completed building opposite Holborn underground station. It will be paying an annual commencing rent of £120,000 with an undisclosed rent-free period. Landlord Grandsoft was represented by CBRE. King Sturge advised the tenant.
Manchester: KFC has taken 2,600 sq ft at Unit 39 on the Manchester Fort Shopping Park on a new 20-year lease at a commencing rent of £78,000 pa, equating to £30.00 per sq ft. Wilkinson Williams was letting agent on behalf of the Universites Superannuation Scheme.
Redcar: Walkgate Properties has let 28 High Street in to Divalimit, trading as Texstyle World. The retailer has agreed a new five-year lease on the store totalling 2,596 sq ft and will pay a rent of £25,000 pa. The landlord was represented by Savills and Texstyle World was advised by Morgan Martin.
Stratford Upon Avon: Hermes Real Estate has let 5,116 sq ft at Unit L1, Maybird Shopping Park to WH Smith on a 10-year lease at £179,060 pa. And Pets at Home has taken the 10,700-sq ft Unit C on a 15-year lease at £331,700 pa. Wilkinson Williams and CBRE were agents. DTZ advised WH Smith and Wright Silverwood Pets at Home.
Gap returns to Newcastle: Gap Outlet has taken 7,000 sq ft at the Royal Quays Outlet Centre in Newcastle as a key part of its UK expansion programme. Opening in July, the store marks Gap’s return to Newcastle, several years after the closure of its city centre store. At Royal Quays the fashion retailer has taken a lease for five years on a turnover basis.
Peter Everest, managing director of asset manager WD, said: “I welcome Gap as the final piece of our restructuring of Royal Quays after acquiring it some three years ago. Gap joins the other anchors, Marks & Spencer Outlet, Next, Nike, and Clarks”.
Letting Agents for Royal Quays are Brian Oakwell & Co, and Sanderson Wetherall. Michael Peddar & Co acted for Gap.
