Land Securities marks upturn in out-of-town
Published: 16 February, 2010
Further evidence of the upturn in the out-of-town retail market has emerged with a string of lettings at Land Securities' parks across the country.
Land Securities has announced a series of new lettings across a number of locations in its retail warehousing portfolio. Deals have been agreed in Kent, Essex and Scotland.
At the Westwood Cross shopping park in Thanet, East Kent the former Priceless Shoes unit has been let to Holland & Barrett for a ten year term at a rent of £103,000 pa.
At the Kingsway West retail park in Dundee the 20,354-sq ft former MFI unit has been re-let to Dunelm for a 15 year term at a rent of £13.50 per sq ft. And Next is to open a 10,000-sq ft Next Home branch on the park on 17 March.
And on the Lakeside retail park in West Thurrock, Essex, Sports Direct has opened an 8,000-sq ft store which was one of its first out-of-town units for two years. At the same time Game has opened a 2,500-sq ft store and Nandos a 3,000-sq ft restaurant.
Hermione Mackrill, portfolio director for Land Securities retail warehousing said: “These new store openings and lettings demonstrate that retailers remain interested in expanding into parks in strong locations with a good tenant mix. Void levels have fallen across the retail warehousing portfolio and we continue to look at opportunities to reconfigure our key parks to accommodate growing retailer demand.”
