Month: December 2017

Next has signed a new lease at Royal London Asset Management’s 225,000 sq ft Lower Precinct Shopping Centre in Coventry. They occupy a prime two level trading store of approximately 18,000 sq ft close to H&M, New Look, Smiggle and Pandora.

Home Bargains and Pizza Hut have also signed five year leases extending their stay at the centre whilst H&M secured their future to the centre by signing a new lease in 2016.

Home Bargains are the anchor tenant on Sherbourne Arcade which links the heart of Lower Precinct to the Indoor Market and occupy 5,100 sq ft. Pizza Hut occupy 4,000 sq ft on the Lower Mall and have been utilising this branch for the trial of new trading formats.

An Agreement to Lease has also been signed with Poundworld who are relocating to a larger unit within Lower Precinct where four units are being amalgamated to create an 8,000 sq ft unit adjacent to Pizza Hut. Handover for shop fitting is scheduled for January 2018.

AS Retail and Wright Silverwood are the joint leasing agents at Lower Precinct. Next, H&M and Pizza Hut were not represented. Francis & Co acted for Poundworld and Bennett REC represented Home Bargains.

Andrew Shepherd, Director at AS Retail, commented ‘We are delighted to have concluded these strategically important transactions over the past 15 months. The speculation concerning Next potentially relocating to the former BHS store can now be put to rest and we can now focus on moving Lower Precinct forward by building upon the solid foundation created and with the added bonus of Coventry being named City of Culture 2021. Vacancy rates are low but we do have a few new opportunities coming up for retailers and caterers to obtain representation with the centre. Please contact the joint agents to discuss your requirements.’

Acting on behalf of Mountain Warehouse, AS Retail are delighted to have advised on the leasehold acquisition of 198 High Street, Berkhamsted, Hertfordshire from Lloyds Bank Plc.

The property sits in a 100% prime location on the busy and vibrant High Street adjacent to Clinton Cards and Carluccios, close to Boots, Paperchase, Fat Face, Waterstones, Laura Ashley and Carphone Warehouse.

It comprises a ground floor sales area of 1,470 sq ft with first floor sales and ancillary of 1,508 sq ft. It was secured after a competitive bidding situation on a ten year lease.

Rob Jones, Director at AS Retail conducted the negotiations.

Acting on behalf of a major landlord client, AS Retail has successfully negotiated the lease renewals of three Bank properties in Golders Green, London.

New leases have been completed with HSBC, Lloyds and Virgin Money within a prime block on Golders Green Road at the junction with Finchley Road. Two of properties have physical challenges with hard frontages and irregular shapes with the third being complicated by the presence of a sub-tenant. All three banks have taken renewal leases at healthy rentals.

Eleanor Oldershaw at AS Retail who conducted the negotiations commented “I am delighted to have completed these three renewals. They consolidate a higher rental tone in Golders Green Road, and secure the occupation of these strong tenants for a further term.”

Please feel free to contact either Ellie or Andrew Shepherd at AS Retail to discuss any similar properties where advise is required.

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