Rockspring signs Sainsbury’s in Richmond
Published: 19 September, 2011
Rockspring Property Investment Managers has secured Sainsbury’s as a new tenant at The Gateway, The Quadrant, Richmond. Sainsbury’s will take a 3,000 sq ft unit on the ground floor retail parade below Rockspring’s 62,000-sq ft office building
To enable Sainsbury’s to take the required space, Rockspring completed two lease surrenders, with Maison Blanc and Source, as well as the relocation of Joy to another unit on a new 15-year lease.
The Gateway was acquired by Rockspring on behalf of its UK Value Fund in March 2011, as part of the St Martin’s south east office portfolio. It comprises 62,000 sq ft of office space, fully let to two tenants, Reed Exhibitions and Clydesdale Bank, together with a parade of seven retail units.
Richard Bains, Rockspring UK Value Fund manager, said: “This letting to Sainsbury’s will reinvigorate the tenant mix and significantly increase the average lease length across the parade. Whilst the retail occupational market remains challenging, this letting demonstrates that in high footfall pitches close to transport nodes, there is significant competition for units, which in turn enables us to drive rental growth on behalf of the fund.”
Nick Symons, Partner at MMX Retail, said: “Although Rockspring did not inherit rental voids on this block, through strategic asset management they have significantly increased the capital value of the retail element and made a positive impact on the asset’s overall tenant mix. This has been our first instruction for Rockspring and we are delighted to have helped achieve this enhanced performance so soon after their purchase of the asset.”
MMX Retail acted for Rockspring. Union Land for Joy and HRH represented Sainsbury’
