Superdrug, advised by its retained property agent GCW, has reaffirmed its strategic growth plans with two significant store developments in Oxford.
The first project involved the expansion of Superdrug’s existing presence at the Westgate Centre, the city’s main shopping destination. The retailer extended sideways into adjacent space at Units 21–22, creating a significantly enlarged store totalling 6,792sq ft. The expanded store on the ground floor opened earlier this year and is held on a new 10-year lease with a tenant break and rent review at year five. The landlord is Landsec.
The second site is located at Unit 1c in Templar Shopping Park, Cowley. Superdrug has recently exchanged on an agreement to lease the current Poundland unit comprising 6,162sq ft. The unit, held by the landlord Hampshire Pension Fund, is managed by CBRE Investment Management and Quadrant Estates. Superdrug will take possession this month for fit-out works, again on a 10-year lease with a tenant break and rent review at year five.
Simon Horner of GCW said that these moves highlight Superdrug’s continued strategy to grow and modernise its portfolio, with Oxford providing a prime example of the retailer’s dual focus:
- Upsizing in high-footfall city centre shopping centres
- Targeted expansion across well-performing retail parks
Superdrug is currently exceeding its annual target of 25 new store openings for the year.
CBRE acted for Landsec and CSP represented the landlord at Templar Shopping Park.
