Lothbury Investment Management, on behalf of the Lothbury Property Trust (LPT), has completed the letting of 56–57 Briggate, Leeds to Zara Home on a 10 year lease at a rent of £350,000 per annum (£250 per sq ft Zone A equivalent).
The 6,910 sq ft (642 sq m) retail unit is arranged over five floors and was previously let to Monsoon Holdings and sub-let to Phones4U, who traded from the ground floor only.
Zara Home will make full use of the property and trade from the basement, ground floor and first floor. Following completion of the landlord’s works, Zara will commence their fit out, which will include reconfiguring the space to provide c. 7,089 sq ft gross internal area. They will install a new vertical circulation core including a lift and new staircases to provide 1,650 sq ft sale area on the ground floor and a further 3,330 sq ft sale area over the basement and first floor.
The new shop is scheduled to open for early March 2016.
Michael Toft, Senior Fund Manager and Executive Director at Lothbury Investment Management, said: “We are pleased to have completed the letting of this key property in Leeds’ retail core to a high quality tenant. This asset, which has been in the LPT fund since its inception, forms part of our Core Portfolio of assets. The valuation of the property has increased by £500,000 to £6.2m to reflect the increased rental income. Following completion of works, valuation is expected to rise to £6.5m, reflecting an equivalent yield of 4.8%.”
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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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