Lothbury Investment Management, on behalf of Lothbury Property Trust, has completed the letting of unit 2 at Anchor Retail Park in Mile End, East London.
The new tenant is food retailer Asda Stores Ltd, who has taken the 14,989 sq ft property on a 10 year lease. The headline rent is £31.36 per sq ft, achieving an annual rent of £470,000.
Lothbury has held Anchor Retail Park for four years as part of their core portfolio of retail assets. The Park benefits from open A1 planning consent.
Unit 2, along with unit 3, was previously let to and occupied by DSG Retail Ltd trading separately as Currys and PC World, before the units were amalgamated into a Currys PC World megastore. DSG Retail has agreed to surrender the lease on unit 2, and remain trading as Currys PC World in unit 3, following a complete refit.
Michael Toft senior fund manager and director of Lothbury Investment Management, said: “Anchor Retail Park already has permission for food use and a new Asda store will enhance the retail offering at the Park alongside Currys PC World and Halfords.
“The Park is fully let and situated in a prominent, high footfall area between Stepney Green Underground and Whitechapel Overground train station. We are delighted Asda has chosen to establish their new store there.”
The Park has ample car parking and is very accessible, being directly off the Mile End Road.
Asda’s new store is expected to open in early 2016. Currys PC World’s refit completed in October 2015.
Lothbury Investment Management was advised by CWM. Asda Stores Ltd was advised by McMullen Wilson.
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