Leading property consultancy CBRE has announced it has secured a lease renewal with Waterstones at 128 Princes Street in Edinburgh on behalf of the landlord Legal & General Investment Management Real Assets (“L&G”).
Waterstones, the last remaining chain of specialist bookshops on the high street, has agreed to a ten year lease extension at a rental of £550,000 per annum from June 2017. The store has been upgraded and re-fitted as part of the deal.
128 Princes Street extends to approximately 18,000 sq ft over five floors and is one of the most attractive units on Princes Street, Edinburgh’s main retail thoroughfare.
Callum Mortimer, director in CBRE’s Retail team, said: “Demand from occupiers for space on Princes Street remains high. Availability is as low as I can remember and as a result of competitive tension we were able to secure strong financial terms on behalf of the landlord. Waterstones is a fantastic occupier for the building and has made a great job of its new shop fit-out.”
Tim Russell, fund manager at L&G, added: “This letting is further evidence of a continued confidence by retailers in the economic outlook and the resilience of the occupier market, particularly in high-quality destinations with strong catchments such as Princes Street.”
CBRE represented the landlord L&G whilst Waterstones was represented by Jackson Criss.