Pure Gym to open two new gyms in East Sheen and Haverhill

Pure Gym are to open a new gym at 172-176 Upper Richmond Road in East Sheen, where they have taken an assignment of the lease from Topps Tiles.

They have also completed a lease on Haverhill Retail Park where they will trade from a unit of 6,000 sq ft. Pure Gym join Lidl, Pets and Home and Home Bargains on the scheme.

ESH acted for Pure Gym on both lettings.

HRP Properties advised by ESH have completed on two new lettings to Topps Tiles and Starbucks.

Topps Tiles have taken a new 5 year lease on 4,935 sq ft. Starbucks will occupy a new drive-thru unit extending 1,800 sq ft for a period of 20 years.

Hough Retail Park is the principal bulky scheme in Stafford and the tenants join other occupiers including B&Q, Home Bargains, ScS, Bensons and Argos. As a result of these lettings, the scheme is now fully let.

Costa and Sue Ryder are set to open new stores at Trafford Retail Park, Redditch in a subdivision of space formerly occupied by Maplin.
Costa have taken a 10 year lease on unit 5A, comprising 1,978 sq ft and Sue Ryder have taken a 10 year lease on unit 5B extending to 3,998 sq ft at rents comfortably ahead of the previous tone.
With the completion of the lettings the scheme is back to being fully let, trading alongside established retailers including Aldi, Iceland, Home Bargains and Pets at Home.
ESH advised the landlord, Savills Investment Management.

ESH Represent KFIM on Foodstore Sale & Leaseback

Represented by ESH, Knight Frank Investment Management (KFIM) have purchased the freehold of the Waitrose in Newmarket from the Project Nevada portfolio, one of only two food stores in the town. The store was purpose built for the retailer and comprises approximately 40,000 sq ft of space. Now let to Waitrose Limited, the sale and leaseback transaction provides KFIM a 20 year lease term with a tenant break at year 15 and an option to renew at expiry. The newly set rent of £19 per sq ft increases on a 5 yearly basis fixed at 2% per annum compounded.

ESH’s client paid approximately £17 million for the investment.

Retail Park in Shepton Mallet sold by Aviva

Townsend Shopping Park in Shepton Mallet has been sold by Aviva Investors. Having traded the Tesco unit out separately to Tesco themselves the remainder of the terrace, let to Argos, Boots, Sports Direct, New Look, Laura Ashley, Pets Corner, Carphone Warehouse and Costa, has been sold for £8.35 million. The terrace sits adjacent to the Tesco foodstore and rent of £15.87 per sq ft.

ESH acted for the seller.

ESH are pleased to have worked closely advising M7 Real Estate on the acquisition of two retail warehouse assets; Greyfriars Retail Park, Stafford and Sandy Lane Retail Park, Worksop.

Greyfriars Retail Park in Stafford provides a weighted average income length of over 8 years (no breaks) with Dunelm having recently committed to a new 10 year term. Dunelm, Farmfoods and Dreams occupy a total of 40,480 sq ft off an average rent of less than £10 per sq ft.

Worksop is let to well recognised national covenants of DSG, Anytime Fitness, Pets at Home and B&Q and offers performance in the way of fixed uplifts. Current passing rents are c.£12.50 per sq ft and the linear terrace provides flexible accommodation. The WAULT is c.7 years to breaks and planning is open A1 non-food with a D2 use.

The combined price paid for the two assets was £12.37 million.