C&R agrees further lettings on former BHS space
We are pleased to announce that we have completed further lettings totalling 64,000 sq ft across two former BHS units at our shopping centres in Walthamstow and Redditch, bringing new occupiers Lidl and The Range into the respective schemes.
Lidl has taken 18,000 sq ft on the ground floor at The Mall Walthamstow on a 25 year lease, with an expected opening in early summer 2017. Together with the previously reported 15,000 sq ft letting to The Gym Group the Company has already secured a 40% uplift in contracted rent compared to that previously received from BHS, with further significant income expected to be realised upon letting of the remaining 12,000 sq ft of available space, of which over 50% is now under offer.
At The Kingfisher Centre in Redditch, in which we have a 20% joint venture interest, the home, leisure and garden retailer The Range has taken a 10 year lease over the entire 46,000 sq ft unit previously occupied by BHS. The store, which is expected to open by Easter, brings an important new anchor tenant to the scheme.
James Ryman, Investment Director at Capital & Regional, said:
“We have continued to make excellent progress in securing new lettings on the former BHS stores in our portfolio, enhancing our occupier mix with a range of national brands with strong covenants. In the six months since BHS closed, we have already re-let the majority of the stores, securing £1.2 million of contracted rent at levels that in aggregate are ahead of the previous BHS rent and ERV. These lettings and the ongoing negotiations on the remaining space reflects the continuing strong occupier demand for Capital & Regional’s well-located, dominant community shopping centres.”