Europa Capital is pleased to announce that the joint venture partnership with Ediston Real Estate has completed a restructuring of the Matalan unit at Pallion Retail Park in Sunderland. The restructuring has downsized the Matalan store from 50,000 ft² to 30,000 ft² with B&M leasing the vacated space. Landlord works have been completed and Matalan is now trading with B&M currently completing their fit-out works. In addition, as part of the works an extra unit of 4,000 ft² has been created which is now being marketed.
Rob Sim, Partner and Head of Northern Europe at Europa Capital, commented: “The restructuring is a key part of the business plan for the asset and establishes an improved rental tone for the Park and a major increase in the weighted average unexpired lease term. This commitment from the tenants establishes Pallion Retail Park as the best Retail Park in the area. There are further plans to secure leases with retailers for pods in the car park, for which there is planning consent.”
Commenting on the transaction, Neal Jamieson, Director at Ediston Real Estate, said: “The restructuring allows Matalan to trade from a more sustainable format and secures their tenancy for a further 15 years. The Park continues to trade extremely well as a result of its excellent tenant profile and strong catchment. It is well located next to Pallion Metro station and benefits from strong road communications, which are being improved with the construction of the new Wear Crossing and associated infrastructure works.”
Pallion Retail Park, which extends to approximately 133,000 ft², was purchased by the Europa Capital and Ediston Real Estate joint venture in December 2013.
The Europa Capital and Ediston Real Estate joint venture partnership was represented by Morgan Williams and Edgerley Simpson Howe.
