Homebase reconfiguration makes room for three additional units
Schroder UK Real Estate Fund (SREF) has signed 63,000 sq ft of new lettings at the Hall Road Retail Park in Norwich, securing Iceland Food Warehouse and Home Bargains as new entrants alongside a reconfigured unit for DIY specialist Homebase.
Homebase,which originally occupied a 80,000 sq ft unit at the retail park before its 2018 company voluntary arrangement is downsizing into a newly created 30,000 sq ft unit on a new 10-year lease.
The remaining 50,000-sq ft from the original Homebase unit is being repurposed into three small units. SREF has signed deals for 13,000 sq ft and 20,000 sq ft to be let to Iceland and Home Bargains respectively on new 10 and 15-year terms. The final 16,500 sq ft is still to be let.
SREF, represented by Edgerley Simpson Howe, is currently on site undertaking landlord works with the new Homebase scheduled to open in February, while Iceland and Home Bargains are expected to open by the end of the year.
Tom Woolven, investment manager at Schroder UK Real Estate Fund, commented: “By downsizing Homebase’s space at the retail park, we have created units to attract two new occupiers to the park, whilst retaining the Homebase brand on a new lease that is better aligned to their current requirements. As landlords, we seek to take a proactive approach to review our assets and ensure they provide the accommodation that modern tenants need, thus keeping ahead of the curve to increase our rental income and ensuring we can continue to aim to deliver investor returns ahead of our benchmark.”