The UK Commercial Property Trust, advised by Ignis Asset Management and working with DTZ, part of UGL Services, a division of UGL Limited (ASX: UGL), has exchanged contracts on a major retail warehousing asset management initiative at Birstall, Leeds.
The UK Commercial Property Trust has secured planning consent and exchanged contracts to develop a new flagship restaurant unit, alongside the existing TGI Fridays restaurant unit, at the Junction 27 Retail Park which forms a core part of the regionally dominant Birstall Shopping and Leisure park cluster.
Following considerable interest from many leading catering brands, the Trust has agreed a pre-let with Pizza Express on a unit to comprise 4,200 sq ft by way of a new 20 year lease at an initial rental of £168,000 pax (£40psf) rising to £178,500 pax (£42.50 psf) in years four and five. Pizza Express anticipate opening for trade by the end of June 2012.
David Rodger, Portfolio Manager at Ignis Real Estate commented: “We’re delighted to welcome Pizza Express to trade alongside TGI Fridays as complimentary catering offers to the retailing offer. The critical mass and length of dwell time at Birstall requires quality catering and it is extremely positive that we now have 14 different catering offers around the cluster.”
Stuart Lunn, Director, DTZ Retail commented: “Tenants love Birstall. Without exception it is always reported by retailers as a top three trading location in the UK, and the cluster as a whole goes from success to success. Our problem is getting possession of units to move the scheme forward. We simply cannot get out hands on floor space to accommodate demand even where substantial positive premiums are discussed”.
Junction 27 Retail Park comprises 126,576 sq ft and has bulky goods planning consent with relaxations and is let to Currys / PC World Megastore, Barker and Stonehouse, Furniture Village, Harveys, Comet, CSL, SCS and TGI Fridays. The park sits central to the Birstall retail warehousing cluster, located off junction 27 of the M62 motorway at the centre of the West Yorkshire conurbation of Leeds, Bradford, Wakefield, Huddersfield and Halifax. It forms a key element of the Birstall Shopping and Leisure Park. The cluster is anchored by Ikea, M&S, DFS, Toys R Us and Showcase Cinema and comprises over 600,000 sq ft representing the biggest retail warehousing provision in Yorkshire. The cluster is increasingly being marketed to consumers as one entity; Birstall Shopping Park (www.birstallshoppingpark.co.uk). Other recent deals at the cluster include Next enlarging its store to 24,000 sq ft at ground floor with a full mezzanine on Birstall Shopping park, Pets at Home paying a premium to take over the former Habitat lease, and Starbucks and Krispy Kreme taking the former Baltimore diner.
Pizza Express was represented by Tushingham Moore.
