Capital & Regional has exchanged two long term leases for its former BHS units at The Mall Blackburn and The Mall Walthamstow, bringing new occupiers Wilko and the Gym Group into the schemes and delivering significant increases in passing rent.
At The Mall Blackburn, Wilko has signed a 10-year lease to take the entire 25,000-sq ft ground floor space that was previously occupied by BHS. This builds on recent letting momentum with Burger King, Game, Costa Coffee and Krispy Kreme all opening in the scheme by year end. The new Wilko store is expected to open in the first half of 2017 following a refurbishment of the unit.
At The Mall Walthamstow, the Gym Group has taken a 20-year lease on the 15,000-sq ft first floor space in the former BHS unit. The opening of the new 24-hour gym, which is scheduled for mid-year 2017, forms part of the strategy to introduce a broader mix of tenants and uses at Walthamstow, where C&R is advancing plans for an 86,000-sq ft retail and leisure extension.
Capital & Regional is also in advanced legals with a major food retailer to take 18,000 sq ft of the remaining 25,000 sq ft ground floor space at the unit, with strong interest from a number of occupiers for the final 7,000 sq ft.