UKCM (UK Commercial Property REIT Limited) has announced that it has secured two new leases at St. George’s Retail Park in Leicester.
The 190,000sq ft retail park is now 88 per cent occupied with strong appetite for the remaining units at rents at or in excess of ERV.
The 34,000sq ft former Toys R Us unit has been let on a 10 year lease, with a base rent, fixed uplift and turnover top up, to Ninja Warrior UK, an activity and fitness venue inspired by ITV’s hit programme of the same name.
Next has agreed a five year turnover lease to replace existing occupier B&M in a 10,000sq ft unit, which UKCM will refurbish ahead of Next’s arrival. Based on discussions with Next, the turnover lease is expected to deliver rents in line with market rental value and with the potential for upside as well as acting as a differentiator and draw to increase visits and footfall to the Park.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said:“These most recent lettings demonstrate the strength of St. George’s Retail Park as one of Leicester’s main retail destinations, with interest levels in the remaining available space an encouraging sign of the state of the market and continuing occupier demand for specific retail park locations and space.”
