April 2011 deals
Published: 28 April, 2011
A selection of deals notified to Shopping Centre in April 2011
ABERDEEN
Orchard Street Investment Management has let 15,400 sq ft of retail warehouse space at Centrepoint Retail Park, Aberdeen to Poundland on behalf of a pension fund client.
Poundland has signed a ten year lease at an annual rent of £150,000. The single price discount retailer joins existing tenants at the 100,000-sq ft development including Toys R Us, Mecca Bingo and Rosebys.
Located one mile north west of Aberdeen’s city centre with close links to the A96, Centrepoint Retail Park is adjacent to important outlets such as Sainsbury’s, Currys/PC World, JJB Sports and Mothercare, making it the strongest retail park with the highest concentration of out of town retailers in Aberdeen.
Following this latest letting, only one 6,500-sq ft ground floor unit remains vacant.
Whitelaw Baikie Figes acted on behalf of the landlord and CBRE for Poundland.
BRADLEY STOKE
Spenhill Regeneration, the regeneration arm of Tesco, has signed a number of new deals at its Willow Brook Centre in Bradley Stoke, Bristol
In the main retail mall the developer has let Unit 1, to Boots in a ten year deal. The retailer will pay a rent of £133,750 for the 5,300-sq ft store which also includes regional offices on a mezzanine floor above the store. Boots was represented by Montagu Evans.
The Boots letting follows other deals within the centre including unit 6, a 10,185-sq ft store which has also been let on a 10-year lease with value retailer Poundstretcher taking the space at a rent of £184,400pa. Poundstretcher was represented by Sturgis Shattock and Partners.
In the adjoining catering offer of Town Square units 5,6 and 7 have been combined in a 5,000-sq ft letting to Mitchells & Butlers for a Harvester restaurant. The space has been taken a 25-year lease with a break option at 15 years at a rent of £125,000pa. Mitchells & Butlers was represented by Thompson Heaney.
The first phase of the 295,000-sq ft Willow Brook Centre opened at the end of 2008 and is anchored by a 126,500-sq ft Tesco Extra. Other major retailers at the scheme include Brantano, Pets at Home and Peacocks.
Spen Hill was advised by agents Morgan Williams and Alder King.
GUILDFORD
Lawgra has let 35 High Street in Guildford to Whibleys Jewellery.
The jeweller has agreed a new 15-year lease on a store totalling 388 sq ft. Whibleys Jewellery will pay £45,000pa.
Dan Peake, director at Savills, said: “Whibleys Jewellery will be a perfect addition to Guildford High Street, which features both national and independent retailers, appealing to a diverse mix of shoppers.”
Lawgra was represented jointly by Savills and Roche. Whibleys Jewellery was unrepresented.
GUILDFORD
Legal & General Property Partners has let 1A Friary Street, Guildford to Limelights Portraits.
The photography studio has taken a unit totalling 600 sq ft on a five-year lease. Limelights will pay £35,000pa.
Dan Peake, director at Savills, said: “Benefiting from a prime position in the heart of Guildford, Friary Street has built up a strong existing tenant mix with brands such as Apple, New Look and Superdry. It therefore provided the perfect base for this local studio.”
L&G was represented jointly by Savills and Roche. Limelights Portraits was unrepresented.
NORTH SHIELDS
Beacon Retail has let space at Bedford Way in North Shields to Barry Wilson and Nexus.
Trading as Café Barista, Barry Wilson has agreed a new 10-year lease at Unit 30, 17 Bedford Way, which totals 1,924 sq ft. The retailer will pay an annual rent of £27,500.
At Unit 9, 22 Bedford Way the Tyne and Wear Passenger Transport Executive, trading as Nexus, has taken an 18-month lease at an annual rent of £15,000.
Beacon was represented by Savills and Sanderson Weatherall, Nexus was advised by Lambert Smith Hampton, while Barry Wilson was not represented.
ORPINGTON
Aegon UK Property Fund has let Unit 1A at Springvale Retail Park, Orpington to Wren Kitchens.
The kitchen retailer has agreed a new 10-year lease on a unit totalling 10,013 sq ft. Wren Kitchens will pay £380,494pa.
Dominic Rodbourne, director at Savills, said: “Wren Kitchens is quickly becoming a leading kitchen manufacturer and gaining a reputation for providing its customers with top quality bespoke fitted kitchens. We anticipate that its arrival on the park will help to attract new customers, further driving footfall. We now have only one unit of 4,400 sq ft remaining on the park.”
Other tenants at the scheme include PC World, Halfords and Currys.
Aegon was represented by Savills, while Wren Kitchen was unrepresented.
WREXHAM
LaSalle Investment Management has completed a new letting at Eagles Meadow Shopping Centre in Wrexham.
LaSalle has signed a ten year lease with Sugacane, the largest sweet shop franchise in the UK for the 2,000-sq ft unit at the shopping centre.
Opened to the public in 2008, the £100m shopping and leisure centre includes a Debenhams and Marks & Spencer’s department store, bowling alley, as well as retailers such as: H&M, Next, River Island and Jane Norman.
Ruth McFetridge, asset manager at LaSalle Investment Management said: “The convenient location of the shop will create a general buzz amongst shoppers and coupled with a spacious and well-lit unit, will enhance the experience of people using Eagles Meadow. We expect an increase in the overall number of visitors to the centre which will ultimately benefit all retailers.”
“This new lease re-emphasises our strength in sourcing quality investment grade real estate in highly sought-after locations.”
