Flurry of out-of-town deals at L&G
Published: 17 October, 2011
Legal & General Property has struck a series of key lettings in its retail parks portfolio
In Coatbridge, North Lanarkshire, L&G's Life Fund has let the fourth and final unit on its redevelopment site at Faraday Retail Park, to JD Sports. JD has signed a 10-year lease on the unit which provides 7,265 sq ft of retail space
The deal represents the successful culmination of a nine-month, £9m development, which has created four new shop units totalling over 41,000 sq ft of new space on the site of the former Tesco supermarket. The sports retailer joins tenants Mothercare, Currys and Outfit, who all signed 10-year leases in November 2010 on units ranging in size from 9,500 sq ft to 14,000 sq ft
Completed in early August, the redevelopment is the only significant retail warehouse scheme to have been delivered to the market in Scotland this year.
Colliers International and Appleton Craig acted on behalf of LGP, and Wilkinson Williams advised JD Sports.
And at Legal & General Property's Regents Place retail park in Loughborough Dixons Retail has agreed to double its representation on the park. Once redeveloped, the unit will provide over 22,250 sq ft of reconfigured retail space and will trade as the Currys PC World superstore format.
James Whitehill, senior fund manager at Legal & General Property, said: “The opening of this new format anchor megastore for Currys PC World at Regents Place will bring an exciting new and much needed anchor retailer to the park. Following this letting, 22,500 sq ft remains available at the park, arranged as two units.We have already registered significant interest in these final units and expect to make further announcements on other retailers coming to the park shortly.”