Lothbury Investment Management, on behalf of Lothbury Property Trust, has let a 4,049 sq ft unit at Congleton Retail Park in Cheshire to shoe retailer, Shoe Zone on a five year lease at £77,000, equating to £19.00 per sq ft.
Shoe Zone joins retailers including Halfords, Marks & Spencer, Boots and Carphone Warehouse on the Park. Lothbury purchased Congleton Retail Park off market for £16.39m in early 2014. It comprises a terrace of 10 fully let units and benefits from open A1 planning consent.
Sam Worner, Asset Manager at Lothbury Investment Management, said: “Congleton Retail Park is in a prime location, just under half a mile from Congleton town centre, and has provided the fund with good rental growth. Shoe Zone is a well-established retailer. It, therefore, fits very well within the Park’s retail offering and we are pleased they have taken the unit.”
Lothbury Investment Management was represented by Wilkinson Williams.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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