Rockspring Property Investment Managers announces that it has successfully secured a number of new lettings at the Precinct shopping center in Blaydon, near Gateshead, including household names such as Home Bargains and Iceland.
Home Bargains, one of the UK's fastest growing discount retailers, will open a new 13,500 ft² (approx. 41,148 m²) store on a 15 year lease. The store is expected to be open for trade in the fourth quarter of 2013.
Iceland will also be joining the discount retailer, and is currently fitting out a new 8,000 ft² (approx. 2438.4 m²) store that is due to be open for Christmas this year.
Other recent additions to the Precinct shopping center include Card Factory, Yellow Estate Agency, The Children's Society and Semi Chem.
These tenants will be joining food retail giant, Morrisons, which committed last December to opening a 70,000 ft² (approx. 21,336 m²)store on a 20 year lease, at the shopping center, to include a petrol filling station.
Following the completion of the land acquisition from the local council by Rockspring, the development is now unconditional, and construction of the store is due to commence in early 2013, with an anticipated opening in Autumn 2014. Furthermore a number of retailers have also pledged their long term commitment to the scheme by renewing or regearing their leases including Boots, Greggs, Superdrug, Lloyds Bank and B&M.
Rockspring acquired the Precinct shopping centre in 2010 on behalf of its UK Value Fund in joint venture with Manse LLP. The current property, which is 97% let totals 96,500 ft² (approx. 29,413 m²) of accommodation and includes 40 retail units. In total, the new lettings and lease regears have secured over £400.000 (approx. €496.278) of additional income per annum at the center.
Source: Rockspring Property Investment Managers LLP