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Debenhams sale in Swansea
Aberdeen Standard Investments has sold the Debenhams department store in Swansea for £15m.
The 158,135 sq ft store anchors the Quadrant Shopping Centre in Swansea city centre and has been sold to Rosette Merchant Bank. Debenhams trades across two levels in the store and has 60 years unexpired on a lease with five-yearly, upward-only rent reviews.
Becky Hance of Colliers International – who advised Aberdeen Standard on the sale – comments: “This is the third major department store sale we have advised on this year and it further demonstrates demand for this type of substantial and long-let retail investment”.
becky.hance@colliers.com | +44 (0)20 7344 6841
Large London stores
show rental uplifts Rents on large stores in Leytonstone and Wembley have shown substantial uplifts on review.
The 38,000 sq ft Matalan store at 829–837 High Road Leytonstone extends over ground and first floor together with 136 parking spaces. On review, the rent increased from £510,000pa to £538,800pa which equates to around £14.25 per sq ft.
The 24,000 sq ft Poundland store at 492–500 High Road, Wembley is a former Woolworths and provides retailing across ground and basement floors. The November 2014 rent review was determined by Independent Expert increased from £200,000pa to £236,000pa.
Colin Moran – a Director in Colliers’ Large Stores Lease Advisory Team – acted for CBRE Global Investors at Leytonstone and for Vail Properties in Wembley.
He comments: “There is still strong demand for this this type and size store in London and around the M25, and this is reflected in these rent review outcomes”.
colin.moran@
colliers.com | +44 (0)20 7344 6862
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