Next has agreed a five-year turnover based lease to replace existing occupier B&M in a 10,000 sq ft unit at the St. George’s Retail Park in Leicester.
The retail park is owned by UK Commerical Property REIT Limited (UKCM), which is managed and advised by Aberdeen Standard Investments.
Based on discussions with Next, the turnover lease is expected to deliver rents in line with market rental value and with the potential for upside as well as “acting as a differentiator and draw to increase visits and footfall to the park.”
The 34,000 sq ft former Toys R Us unit has also been let on a 10 year lease, with a base rent, fixed uplift and turnover top up, to Ninja Warrior UK, an activity and fitness venue inspired by ITV’s hit programme of the same name.
The 190,000 sq ft retail park is now 88% occupied with “strong appetite for the remaining units.”
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said: “These most recent lettings demonstrate the strength of St. George’s Retail Park as one of Leicester’s main retail destinations, with interest levels in the remaining available space an encouraging sign of the state of the market and continuing occupier demand for specific retail park locations and space.
“The mixture of well respected, established brands and exciting new experiential offerings ensures that St. George’s continues to provide consumers with a good quality and varied offering while also delivering additional portfolio income.”