LondonMetric pre-lets two former B&Q units

Published:  15 May, 2017

Tonbridge and Launceston see a flurry of lettings

LondonMetric Property Plc has announced that it has fully pre-let two former B&Q stores in Tonbridge and Launceston.

At Tonbridge, the 42,000-sq ft scheme has been let to Go-Outdoors, Carpetright, Home Bargains, Jollyes and Costa. The WAULT has increased from 7 years to 15 years. Refurbishment and extension of the building will be completed by July 2017. 

At Launceston, the 30,000-sq ft scheme has been let to M&S Foodhall, B&M and Costa. The WAULT has increased from 11 years to 15 years. Refurbishment and extension of the building will be completed by October 2017. 

Mark Stirling, property director at LondonMetric, commented: “These occupier transactions have allowed us to capitalise on strong locations to attract new retailers on long leases, at significantly higher rents and delivering an attractive yield on cost. This activity has also benefitted B&Q in rightsizing their estate.  Once these initiatives are complete, we will look to monetise our success at these two locations as we continue to sell down our mature retail park investments.”     

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