Savills Investment Management, advised by Curson Sowerby Partners (CSP Retail), has agreed terms with B&M Retail Ltd and The Gym Ltd at Stechford Retail Park in Birmingham.
B&M Retail Ltd has signed a 10 year lease on Units H and I, comprising 20,000 sq ft, plus a new 5,000 sq ft garden centre. The Gym Ltd has signed a 15 year lease on Unit G, comprising 7,500 sq ft.
The B&M deal involved lease surrenders with DSG Retail and Carpetright and a new planning application for the B&M garden centre. The Gym will occupy the former Poundworld unit. Both new stores will open in early 2020. These deals follow on from a recent re-gear with Argos on the scheme.
Georgie Brooks at CSP Retail comments, “The Carpetright store was set for closure as part of a CVA and DSG Retail, trading as Currys PC World, were open to discussions about consolidation. These new deals widen the appeal of the scheme, bringing an alternative D2 retailer into the tenant mix and a new anchor tenant in B&M. This retail park is already a vital element of the local retail offer, but The Gym and B&M will breathe new life into the scheme and consolidate its position as a strong district centre.”
James Charlesworth of Savills Investment Management comments, “These deals significantly transform the Park and the team has attracted two fantastic new brands to Stechford. Negotiating lease surrenders, applying for change of use and submitting planning applications is always a difficult move, but one that has really paid off in this instance. We look forward to the new openings early next year.”
Stechford Retail Park comprises 104,090 sq ft with 602 car parking spaces. The Park is also home to Matalan, Home Bargains, Pets at Home, Peacocks, The Food Warehouse, Bensons for Bed, Argos and McDonalds.