Scottish Widows Investment Partnership, on behalf of owner Sackville Property TCI Nominee, and has negotiated a regearing of B&Q’s Christchurch store. The existing lease on the 31,056-sq ft unit at Stony Lane Retail Park has been surrendered with two and a half years remaining. A new 15-year lease has been signed at a rent of £310,560 pa. Adjoining retailers including Magnet, Tile Giant and Currys. The landlord was advised by Edgerley Simpson Howe and B&Q was advised by Cushman & Wakefield.
Ravenhill Estates has let units 19-23 at The Princess of Wales Precinct in Dewsbury, West Yorkshire to Poundland. The value retailer has agreed a new 10-year lease on the store, which totals 3,500 sq ft and comprises the former Claire’s Accessories and La Senza units as well as the existing Thomas Cook unit. Thomas Cook will relocate to a new 1,000-sq ft store at the scheme previously occupied by Thorntons. Poundland will pay an annual rent of £100,000. Ravenhill Estates was advised by Savills and Poundland was represented by Jones Retail.
Herbal Inn has leased Unit 3 at Palace Exchange from Gavlin. A 10-year lease on 741 sq ft was agreed at £55,000 pa. Nash Bond was letting agent and Savills advised the tenant.
Herbal Inn has taken a 620-sq ft store at Priory Meadow Shopping Centre on a five-year lease from Priory Meadow (Hastings). An annual rent of £22,500 pa was agreed. Nash Bond was letting agent and Savills advised the tenant.
Aviva Investors has leased Unit B on the Foundry Lane Retail Park to Sussex Bed Centres on a 10-year lease at £110,060 pa, equating to £15.00 per sq ft. Wilkinson Williams was letting agent and Brian Craddick & Co advised the tenant.
ShakeAway has taken Unit 28D in the White Rose Shopping Centre on a 10-year lease at a commencing rental
of £39,000 pa or 9 per cent of turnover, whichever is the greater. A rent-free period of four and a half months was granted and the lease is subject to a tenant-only break clause at the end of the fifth year. ShakeAway was advised by Smith Price while the landlord, Land Securities, was represented jointly by Lunson Mitchenall and Brassington Rowan.
Fat Face, which sells men’s, women’s and children’s clothing, has taken a 10-year lease at £73,000 pa on Unit 1, The High Street, part of the Craven Court Shopping Centre. The unit, previously occupied by greetings card retailer Birthdays, has 2,000 sq ft on the ground floor and 2,175 sq ft of
SHOPPING CENTRE April 2010 www.shopping-centre.co.uk
storage space on the first floor. King Sturge acted for landlord Tyburn Lothian No 8 LP; MSBL represented Fat Face.
Herbal Inn, a retailer of natural and herbal products, has taken a 527-sq ft store at Lakeside Shopping Centre in West Thurrock from CSC Lakeside. A 10-year lease was agreed at an annual rent of £62,500. Lunson Mitchenall represented CSC Lakeside and Savills advised the tenant.
ShakeAway has taken Unit 25, The Shires Shopping Centre on a new 10-year lease at a commencing rental of £20,000 pax. The unit offers a
ground floor sales area of 537 sq ft together with 220 sq ft of first floor ancillary space. A nine-month rent- free period and a further period of 18 months at half rent was agreed. ShakeAway was advised by Smith Price, while the landlord, Allied Dunbar Assurance, was represented by Jones Lang LaSalle.
FX Currency has taken a new 10-year lease on Kiosk C, Wembley Central Shopping Centre, providing 313 sq ft of ground floor sales space and 175 sq ft at first floor level. An initial rent of £18,000 pax was agreed. Kitchen Le Frenais Morgan was letting agent on behalf of Sowcrest and Brasier Freeth advised the tenant.
RETAILERS ENJOY NEW PRICING STRUCTURE AT THE TRIANGLE
Apparel, a clothing shop specialising in unique and limited edition menswear, has become the latest retailer to take advantage of the Triangle Shopping Centre’s short-term, all-inclusive unit pricing structure. The company, which opened its original shop in Blackpool over 10 years ago, has taken a 1,560-sq ft unit on the
ground floor. Under the Triangle’s new pricing structure, prices start from only £500 per week for a unit including service charges,
rates, electricity and water. The minimum contract term is only six months. The centre, which is housed in a listed building in the heart of the Manchester city centre, has a unique mix of
boutique destination stores and restaurants such as Aspecto, Bravissimo, Jigsaw, Pizza Express, Tampopo, Y-3, and Zizzi. Michelle Atack, marketing manager at Triangle Shopping Centre, added: “This is the third tenant we have signed on
this unit pricing structure, and we are in advanced negotiations with two others, details of which will be announced very soon.”
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