RDI completes three retail park lettings
RDI has agreed three new lettings totalling 37,850 sq ft at two of its retail parks, generating £1.0m in rent – an average rental uplift of 40%. The three units were previously let to retailers subject to recent CVAs or administrations.
Aldi and the Gym group have signed at Priory retail park in Merton, South West London on long leases of 20 years and 15 years respectively. The new lettings have been agreed at more attractive terms with no void period in the interim. Priory retail park remains fully occupied and the new tenants complement the current mix of bulky goods retailers and F&B operators, continuing to drive footfall at the well-located asset.
Bargain Buys, a new concept from the team behind Poundstretcher, has increased its unit size at Banbury Cross retail park in Oxfordshire, signing a seven-year lease on the 7,477-sq ft vacant adjoining unit, taking its total holding at the estate to 17,533 sq ft.
RDI property director Adrian Horsburgh said: ” Our ability to proactively secure tenants and avoiding any vacancies in the current challenging market, is a credit to both the underlying assets’ quality and our asset management team’s hard work. In the current market environment our focus remains on driving value from our existing assets and leveraging opportunities to generate income, maintain high occupancy levels and boost footfall.”
