Food & Fitness comes to Cambridge Retail Park

Aberdeen Standard Investments has secured Lidl and The Gym Group to take space at their prime retail park in Cambridge. Homebase are right-sizing within their existing store with a refurbished garden centre.

Lidl, which is due to open early in the new year will occupy a new 20,000 sq ft unit on a lease for a period of 25 years.

Planning approval has been obtained for The Gym Group to trade from a new build unit extending to 7,500 sq ft with full mezzanine cover. The Gym will occupy the premises on a new 15 year lease. Works will be completed by Autumn 2020.

Homebase will right-size into approx. 40,000 sq ft.

Edgerley Simpson Howe acted for Aberdeen Standard Investments.

Maidstone Borough Council buys major in-borough leisure asset

Maidstone Borough Council have purchased the long leasehold interest of the Lockmeadow multi-let leisure scheme.

The park is situated on the fringe of the town centre alongside the River Medway and is anchored by an Odeon cinema. Other tenants include Hollywood Bowl, David Lloyd, Gravity Fitness, Greene King, Frankie & Benny’s and Gourmet Burger Kitchen. The scheme occupies a substantial site extending to c.8 acres and provides over 600 car parking spaces. Odeon have extended their lease to 15 years term certain alongside the Council’s purchase.

Maidstone Borough Council are the current freeholder and by merging the interests will be able to remove the existing headrent payable under the long lease.

Lockmeadow provides the major commercial leisure facility for Maidstone. Following their purchase, the Council are keen to introduce improvements to the environment, both internal and external, to ensure that Lockmeadow remains an exciting and vibrant place to visit. The Council is extremely interested to explore the ever changing occupier market and the new entrants to the leisure sector in order to establish a complimentary tenant mix.

The price paid was a headline of approximately £19 million reflecting 7.60% niy rising to over 8% following the immediate merger of the interests and with further guaranteed increases to follow. The Council were represented by ESH.

Mountain Warehouse sign up to prime retail scheme

Mountain Warehouse are set to open a new store at Princess Alice Retail Park in Sutton Coldfield.
The 5,000 sq ft unit, in between Next and Costa, will be one of their largest stores to date and is expected to open in time for Christmas.
ESH advised the landlord, Aberdeen Standard Investments.

Pure Gym take new lease in Rayleigh

CBRE Global Investors, advised by ESH have let the former Poundworld unit at Pelican Retail Park, Rayleigh to Pure Gym.

Pure Gym have taken a new lease on the unit extending to approx. 5,000 sq ft for a period of 15 years.

Costa Coffee open in Salford

Costa Coffee have opened in a new purpose built pod unit at Regent Retail Park, Salford.

The unit extends to approximately 1,800 sq ft and is let to Costa for a period of 10 years. Costa will trade alongside retailers such as TK Maxx, Boots, Home Bargains, Pets at Home and JD, amongst others.

ESH and RRG advised the Landlord, M&G Real Estate.

B&M open new store in Sutton Coldfield

B&M have now opened a new store on Newhall Walk, Sutton Coldfield.

B&M have taken a 10 year lease on units 1 and 2, comprising 20,000 sq ft, in the former Hughes Electrical and Halfords units.

B&M are trading alongside TK Maxx who have also committed to the scheme for a longer term.

ESH advised the landlord, RPMI Railpen.