Scoop, a leading UK asset manager specialising in retail and shopping centre assets, has announced three new lettings at The Antonine Shopping Centre in Cumbernauld, Scotland. The shopping centre is now experiencing record high occupancy rates, signalling that occupational demand still exists for those assets which are fit for purpose and cater to the needs of their catchment population.
Scoop acquired the long-leasehold interest in the Antonine Centre in April 2017, in partnership with Bridges Fund Management. The latest lettings have been agreed with three long established regional businesses; T McLean and Sons Pharmacy, McLachlan Opticians and Phone & Game. All three are new tenants and have signed long term leases, with two of the three replacing short-term tenants.
These latest lettings indicate restored confidence in the future of shopping centres, bringing the total new leases agreed at the Antonine Centre since the start of the pandemic to five. During this period, Scoop has also negotiated seven lease renewals. There are only three temporary lets at the shopping centre, one being the former Dorothy Perkins which is now occupied by fashion retail store, Blue Inc. The centre is now experiencing record high occupancy levels, with only one unit unlet (as of July 2021).
Footfall levels at the Antonine Centre have recovered well from the periods of enforced closure of non-essential retail.. By comparison to the same week in July 2019, footfall was at 72.8%; a level higher than the national average across retail destinations in Scotland which stood at 65.7%, and in the UK which was 69% (Springboard 2021).
The Antonine Centre opened in 2007 and provides a modern retail offering in the town centre with 200,000 square feet of gross lettable area spanning 45 shops and leisure units. Anchor tenants include high-street favourites including Boots, TK Maxx, Next and River Island, but there is a particular focus on family-run and local businesses, who account for approximately 30% of the tenants.
Mark Hewett, Principal at Scoop commented: “We are delighted to welcome three new local tenants to the Antonine Centre. With all the pandemic induced uncertainty that remains, one thing is clear… the high-street revival in Cumbernauld is in full swing. The Antonine Centre is a great asset for the area, and we look forward to ensuring it remains at the heart of the town, and a place where people want to be.”