British Land has enjoyed a significant upturn in lease agreements since the end of the recession, with retailers and office based businesses actively seeking expansion. This has allowed the property firm to confirm six new lets at the Gallagher Retail Park in Cheltenham, which have taken occupancy rates within the development to 99 per cent.
Consumer interest in home wares encouraged both HomeSense and Oak Furniture Land to take up space within the park, having taken 17,500 sq ft on a 15 year lease and 18,000 sq ft on a 10 year lease respectively.
In addition, Arcadia has agreed to take up a 25,000 sq ft unit on a 10 year lease, bringing its Topshop, Topman, Burton, Oasis, Dorothy Perkins, Warehouse and Miss Selfridge brands to the park for the first time – as a result, existing occupier BHS will now be found on the unit’s mezzanine floor.
These retailer leases will be complemented by significant uptake of space by food and drinks based businesses. Coffee chain Costa will occupy a 1,600 sq ft unit, Subway will take up a 1,200 sq ft unit and high street staple Greggs will be found in a 1,250 sq ft space.
Gallagher Retail Park is currently undergoing a £2.5 million upgrade which will see terraces upgraded and landscaping works conducted as a means of making it a more attractive retail destination for consumers. Asset manager for British Land James Varley, who acted as an advisor during the letting negotiations, believes this has encouraged retailers to take up space within the development.
He says; “These latest lettings are further proof of the attraction and success of the park.
“We are delighted to further improve the tenant mix to deliver an enhanced shopping experience to consumers.
“The upgrade is part of our wider investment programme designed to ensure that our assets continue to meet the needs of our retailers and consumers.”
British Land has also enjoyed great success in the office lettings market recently, having fully let Regent’s Place in London’s West End. The 13 acre mixed use campus was completed in summer 2013, with a 500,000 sq ft development at 10-30 Brock Street offering a mixture of retail, office and residential space.
The latest deal, which will see charitable housing association The Guinness Partnership take up all space at 30 Brock Street on a 10 year lease, marks a pivotal milestone in British Land’s 30 year involvement at Regent’s Place. It has become one of London’s most attractive office locations, with firms such as Facebook, JP Morgan and Santander all named tenants within the wider development.
Head of offices at British Land, Tim Roberts, says; “This deal, which sees Regent’s Place fully let, represents another milestone in what has been an incredible journey over the past 30 years.
“Regent’s Place is a great example of how British Land creates the right spaces and environments to attract occupiers, and where people want to work, live and visit.
“It has been a huge success, and will help inform what we do at our other campuses, notably Paddington Central.”
