Thursday, 24 July 2014
UK Commercial Property Trust Limited secures two new lettings at Junction 27 Retail Park, Leeds (UK)
UK Commercial Property Trust Limited (UKCPT), the largest Guernsey based, UK focused commercial property trust, announces that it has signed leases with Multiyork Furniture Ltd and Dean House Plc, Betta Living, at Junction 27 Retail Park (“Junction 27”, the “Park”) a short distance from the M62 motorway in West Yorkshire, for two new stores totalling 9,967 ft² (approx. 926 m²) of space with additional mezzanines to be created by UKCPT. The Park is now fully let.
Multiyork is a sofas and interiors retailer, whilst Betta Living is a specialist retailer of high quality kitchens, fitted bedrooms, and bathrooms. Both Multiyork and Betta Living have entered into new 15 year leases with the combined income from the Park to increase by £449,730 per annum (approx. €569,000 per annum) as a result of the lettings. These units have been created through the subdivision and re-elevation of the former Comet store after the electrical retailer entered administration in 2013.
These initiatives are in line with the strategy of positioning Junction 27 as the dominant home furnishings and technology retail location serving West Yorkshire and reflect another positive step forward for the Park, following the opening of a new Pizza Express last year, offering a complementary leisure location.
The Park sits adjacent to the only Ikea store in Yorkshire, and serves a core catchment of 1.5 mln people (of which 64% are ABC1 acorn ranked), with an available spend of £883 mln per annum (approx. €1.1 bln per annum) on household furnishings and £415 mln (approx. €525 mln) on technology.
Daniel Baynes, Asset Manager at Ignis Asset Management, commented: “We welcome Multiyork, and Betta Living to Junction 27 as new and valued additions to the retail offer on the Park, which is being increasingly recognised as Yorkshire’s leading destination for home furnishing and technology retail. The two lettings have also demonstrated that, with the right asset management team in place, any voids in the portfolio should be regarded as opportunities to both increase income and create additional value.”