British Land has confirmed the letting of 36,000 sq ft of retail space at its Doncaster retail park. Both Next and Marks & Spencer Simply Food have agreed terms for units on the Wheatley Retail Park, joining retailers such as TK Maxx, Sports Direct and Boots. British Land hopes that these new tenancies will broaden the variety on offer at the retail park and lead to a higher consumer footfall as a result.
Next chose to upsize its existing unit, and as such will take up a 23,518 sq ft retail property with full cover mezzanine floor on a 15 year lease. Marks & Spencer Simply Food, meanwhile, will be making its debut in the Doncaster shopping destination with a 12,502 sq ft unit.
British Land asset manager Duncan Reader says; “We look forward to welcoming a full line Next, and a new Marks & Spencer Simply Food to Wheatley Retail Park.
“Both retailers are known for driving footfall and will enhance the already strong tenant mix at the park.
“We are delighted that through our strong relationship with both retailers we are now able to offer more choice to our customers.”
Although no financial terms for the respective deals have as yet been released, the announcement proved beneficial for British Land’s share price which climbed by 0.49 per cent shortly after the news broke. This will also further strengthen British Land’s position as one of the UK’s most successful property investment firms, backing up a number of deals completed in the past few months.
Another feather in the firm’s cap this week is the sale of the 20,500 sq ft 52 Poland Street in London to Amazon Property in a deal worth £26 million. The steep price tag reflects a capital value of almost £1,300 per sq ft, demonstrating the ongoing strength of the capital’s property market and the high demand for office space in Soho.
Head of offices at British Land, Tim Roberts, explains why Amazon was so keen to acquire the desirable property, which also contains ground floor retail units currently occupied by Yo! Sushi and a Lucky Voice karaoke bar.
He says; “The expiry profile at 52 Poland Street means there is potential for vacant possession of upper parts in June 2015.
“The site attracted very strong interest, reflecting the strength and depth of the WE investment market.
“It is an opportune time to sell and focus on projects elsewhere in our portfolio.”
British Land’s current strategy – one based around acquisition, renovation and selling – certainly stands it in good stead to benefit from an exceptionally buoyant property market.
