Retail and leisure property specialist EJ Hales has secured a letting of the former Royal Mail workshop, which has remained empty for over 10 years, with The Co-operative convenience store in Tenby.
EJ Hales purchased the site, previously a Post Office vehicle repair workshop, for Waterstone, part of the Jehu Group of companies. Following a competitive marketing process, with strong interest from convenience operators, terms were agreed with the Co-op.
A 15-year lease has been confirmed on the 3,500 sq ft premises at a rent of £62,000 per annum. The store, which opened late July, saw the Co-op spending approximately £1m on the development, creating over 20 full and part-time jobs.
EJ Hales has built an enviable reputation within the retail and leisure commercial property marketplace. In 2015, the company advised on a number of high profile deals spanning the breadth of the country for clients including Tesco, Specsavers, Argos, Next and Subway.
Matthew Morgan, partner at EJ Hales, said: “Having purchased the site on behalf of Waterstone, we are delighted that we have secured a long-term lease for the premises.
“It has been great to see the Co-op giving the premises a new lease of life so that it provides a service for the Tenby residents and holiday makers once again.
“What is particularly pleasing is the fact that Waterstone has brought life back to a building which has laid empty for over 10 years in an extremely prominent and visible location. This is a great example of schemes local authorities should support as it significantly benefits the local community and economy.”
John Hillman of the Co-op, said: “Opening a store in Tenby is part of our wider expansion plans. Our Tenby site is the ideal location for the shop with its proximity to local residents and passing traffic. We have also created a designated car park for the convenience of our customers.
“We hope to have a long future in Tenby and continue to open more stores throughout the Wales and the UK.”
Simon Jehu of Waterstone, said: “We were delighted to secure Co-op for another of our developments. It’s great to see a building, which has stood vacant for a number of years reinvigorated with a new lease of life.
Also, it’s another scheme where we have worked closely with our agent, EJ Hales, who secured the tenant for us.
“With this and our ongoing luxury flat development 51-degree Latitude over-looking South Beach and recent redevelopment of the Former Cambrian Hotel in Saundersfoot, we have undertaken significant investment in this part of Pembrokeshire.”
EJ Hales has been at the forefront of the South Wales commercial property market for over 80 years. The practice specialises in retail and leisure property, both in town centre and out of centre locations and advises on some of the largest developments in South Wales. Clients include Tesco, Next, Argos, Subway, Specsavers, UBS, M & G Real Estate and Aberdeen Asset management & Mansford.