Rockspring Property Investment Managers has signed a new lease with Smiggle at Orchard shopping centre, Taunton, bringing to seven the number of lettings at the centre in 2016. At the same time Rockspring has secured planning consent for a change of use for 9,000 sq ft across ten existing retail units. The units will be combined to create three new restaurant units with outside seating within the open Pig Market courtyard, increasing the leisure mix and adding to Taunton’s thriving restaurant scene.
Smiggle has taken a 1,535-sq ft unit on a 10-year lease at a rent reflecting £100 per sq ft zone A , a new cyclical high for the town.
Since acquiring the 160,000-sq ft centre in December 2014, Rockspring has let a 5,351-sq ft first floor unit to HMV and a 1,998-sq ft unit to Trespass. Miles Morgan Travel, Vision Express and Greggs have all upsized on longer lease terms, while Quiz has also renewed its lease and invested in a new fit-out.
Rockspring was advised by KLM and Savills.