UKCM brings Aldi to Tunbridge Wells retail park on long lease
UK Commercial Property REIT, which is managed and advised by Aberdeen Standard Investments, has agreed a 27,000-sq ft part-surrender of B&Q’s lease at Great Lodge retail park in Tunbridge Wells, and re-let the space to Aldi on a long index-linked lease. The space was formerly sub-let by B&Q to Toys R Us.
Aldi has agreed a 20 year lease at a rent in line with ERV and with five-yearly upward-only rent reviews, compounded yearly to RPI collared and capped at 1% – 3% pa. B&Q has paid £1.1m to the landlord to surrender part of its lease and will continue to occupy the remaining 80,400 sq ft on a lease with nine years remaining under the existing rental terms. Aldi is expected to begin trading from November this year.
Will Fulton, lead manager of UKCM at Aberdeen Standard Investments, said: “This letting demonstrates the demand for well-located retail space and is a major achievement for Great Lodge retail park following the departure of Toys R Us. Aldi is a great brand and a high quality tenant that will further diversify income, extend the secure lease term, and reinvigorate the asset with a benefit to all our tenants with an expected boost to footfall.”
UKCM was advised by Avison Young.