Europa Capital in partnership with Sovereign Centros has signed an agreement for lease with JD Sports and a lease renewal with Wilko at One Stop Shopping Centre in Perry Barr, Birmingham. Two further lettings are expected to complete shortly.
JD Sports, the sports fashion retailer, has signed a 10-year lease on a unit extending to 5,430 ft², with a tenant only break at year five. It is understood that the retailer will be introducing a new brand to the store which is being fitted out in time for an opening in July 2017. In addition, Wilko, the variety discount retailer, has renewed their existing lease on a 25,000 ft² unit for a further five years.
The Europa Capital and Sovereign Centros partnership acquired One Stop Shopping Centre and adjacent retail park in December 2016. The 380,000 ft² asset is three miles from Birmingham city centre, and sits on a site of 28 acres and was constructed in 1990. Other key retailers include Asda, Marks and Spencer’s, Nike, Argos, Boots, New Look, Arcadia, and Home Bargains.
Rob Sim, Partner and Head of Northern Europe at Europa Capital, commented that: “The letting to JD Sports introduces one of Europe’s leading sports fashion retailers to One Stop Shopping Centre, while the lease renewal to Wilko confirms the strength of trading at the centre. There is further letting activity soon to be concluded which will further enhance the retail offer.”
Commenting on the transaction, Simon Phipps, Director at Sovereign Centros, said: “We have exciting plans for One Stop Shopping Centre, which sits within an area of Birmingham undergoing significant investment. We have spent the last few months talking to retailers about our plans and there are several deals now coming to fruition.”
