AS Retail have successfully negotiated a variety of retail deals for an Institutional Investor in the Cathedral City of Truro.

Acting on behalf of the landlord over the past few years, AS Retail have advised on the five units at 100 Pydar Street. Totalling c. 25,000 sq ft this block sits in a strong trading location on the principal shopping street; it is now fully let to excellent tenants with a robust lease profile.

Lease re-gears have been concluded with Sharps, the leading Bedroom and furniture brand, and Nationwide Building Society who entered into a reversionary lease. New 5 year leases without break options have been negotiated with HMV and Sports Direct to secure their occupation and finally, after a lengthy marketing campaign where other deals have been agreed but aborted, the former Next at Unit 1, totalling circa 16,000 sq ft over ground and second floors, has been successfully let to Poundstretcher who are currently fitting out.

Andrew Shepherd, Director at AS Retail who advised the landlord on all the transactions commented ‘We were asked to assist by this major landlord in 2021; over the last five years we’ve worked relentlessly, against a challenging backdrop, to optimise the asset for them. Various connotations of deals have been negotiated with the different occupiers and we are thrilled that Poundstretcher have taken the whole of the former Next store, making the block 100% let. This unit is subject to a highly inflated Rateable Value and in order to make the deal work for both the landlord and the tenant we found a very creative deal structure which, credit to Poundstretcher, they were happy to embrace. We thank them for their efforts in getting the deal done and wish them success with their trading.”

We at AS Retail are currently advising on other similar situations nationwide but please do not hesitate to contact us should you require any assistance on your portfolio.

Local agent Miller Commercial acted jointly with us in the marketing of Unit 1. Mason & Partners acted for Poundstretcher, Green & Partners acted for Sports Direct and LSH acted for Nationwide. HMV and Sharps represented themselves.