Lothbury Investment Management, on behalf of the Lothbury Property Trust (LPT), has completed the letting of 115 High Street, Guildford to British luxury fashion brand and shoe specialist, L.K.Bennett, at a rent of £285,000 per annum. The store is due to open in April 2016.
The unit was previously let to Phones4U and is configured over basement, ground, first and second floor. L.K.Bennett, who are moving from their previous premises nearby at 105 High Street, will be trading from the ground floor only, which extends to 1,858 sq ft. A stairway at the front of the unit has been removed to maximise the trading area and improve the customer experience.
Lothbury has let the unit on a new 10 year full repairing and insuring lease, with an upward only rent review in five years to open market rental value and tenant break option at year five.
Mike Toft from Lothbury Investment Management said: “We are very pleased that L.K.Bennett has chosen 115 High Street to relocate to. They have a strong covenant and were very keen to maintain a high street presence in Guildford. This unit, which is in the heart of Guildford’s historic main shopping area, ideally fits the requirements of the fashion retailer.”
115 High Street, Guildford was purchased on behalf of Lothbury Property Trust in August 2010 as part of their core portfolio of assets comprising prime, well located properties secured on strong covenants, across a variety of commercial sectors, and with very low vacancy rates.
Lothbury Investment Management was represented by JLL. L.K.Bennett was represented by CWM.
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