Letting updates - May 2012
C&R continue to see strong letting developments in 2012 including 12 lettings in The Mall since 31 March.
Recent Mall Lettings
Significant new lettings during the first quarter of 2012 were made in The Mall to Tiger Retail in Wood Green, and to Carphone Warehouse in Walthamstow, and since 31 March 2012, there have been a further 12 lettings in The Mall.
H&M have completed an agreement for lease at Luton, where they are not currently represented. This involves the amalgamation of five units to create a new 22,500 sq ft unit transforming the space into a valuable retailing location whilst strengthening the scheme as the prime retail destination within the town.
In Maidstone, the department store Beale's have taken the former TJ Hughes space on a flexible basis. This will bring increased vibrancy to the scheme and reduce the void costs being borne by The Mall. This deal has the potential to result in a permanent letting, but in the interim provides a window to explore all the asset management opportunities available.
In addition, there is a pipeline of letting opportunities. Terms are agreed for another significant fashion letting at Luton, two deals at Walthamstow and an extension to an anchor store at Blackburn. At Sutton Coldfield discussions are taking place for an upsize of an existing fashion retailer and at Uxbridge an amalgamation of units is being worked through with a major retailer to attract them into the scheme. A good offer has been received to take a 18,000 sq ft fashion store which could be created at Camberley.
In X- Leisure, lettings were made to Bella Italia in Aberdeen and Leeds and an extension to the McDonalds unit was completed at Great North Leisure Park in Finchley.
In Germany, five new lettings were made for €0.3 million. At Sinzheim, Real have extended their lease by five years to March 2018.