The independent UK real estate asset management and development company, Quadrant, has completed a string of deals on behalf of its retained client AshbyCapital at two of its retail park assets.
New leases have seen both JD Sports and TUI arriving at Morfa Shopping Park in Swansea. JD has taken a 10,000sq ft unit on a ten-year lease, creating its third store in Swansea, while TUI has taken a five-year lease on a 1,500sq ft pod at the popular retail park. Both stores are expected to open this autumn. Lease renewals have also been signed with both EE and Card Factory.
Meanwhile, at Abbotsinch Shopping Park in Paisley, six new deals have been secured with existing retailers, all of which have taken 10-year leases. DFS has renewed on 25,000sq ft of space; Sofology and Dunelm each remain in a 20,000sq ft unit; Wren has re-contracted for 15,000sq ft; ScS has kept a 10,000sq ft presence and Dreams has renewed for a 5,000sq ft unit. The average rental uplift across these deals is nearly 20 per cent, highlighting the strength of location and dominance of the park in its catchment. Alongside the new terms, there is also a commitment to extensive upgraded fit outs from several of the operators.
John Maddison, Partner at Quadrant, said: “Relevant, well-located and well-managed retail parks remain popular amongst consumers who want to partake in physical shopping, be it for big-ticket items or simply an experiential day out with family and friends.”
