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.’