New Lettings at Gallagher Retail Park
29 August 2014
British Land Secures Six New Lettings at Gallagher Retail Park in Cheltenham
- Park undergoing £2.5m refurbishment -
The Gibraltar Limited Partnership (which is 50% owned by the Hercules Unit Trust (HUT) and 50% owned by The Crown Estate) is pleased to announce six new lettings at Gallagher Retail Park in Cheltenham which have taken occupancy at the park to 99%.
· HomeSense has chosen Gallagher Retail Park as the location for its first store in Cheltenham with a 17,500 sq ft unit taken on a 15 year lease
· Oak Furniture Land is also taking an 18,000 sq ft store on a 10 year lease, demonstrating the strong demand from home improvement operators
· Complementing these deals and enhancing the food and beverage provision are Costa (1,600 sq ft, 10 year lease); Greggs (1,250 sq ft, 5 year lease); and Subway (1,200 sq ft, 15 year lease).
Arcadia will also open a new 25,000 sq ft Outfit store on a 10 year lease bringing the Topshop, Topman, Dorothy Perkins, Burton, Miss Selfridge, Oasis and Warehouse brands to the park for the first time. The existing occupier, BHS, will relocate onto the mezzanine floor.
In addition to the new retail and food and beverage signings, the park is also undergoing a £2.5m upgrade which includes the refurbishment of terraces across the asset as well as landscaping and car park reconfiguration works to further enhance the attraction of the park. The works to the scheme and new retailers will open by the end of August except Outfit which opens on 18 September.
James Varley, Asset Manager for British Land, said: "These latest lettings are further proof of the attraction and success of the park. We are delighted to further improve the tenant mix to deliver an enhanced shopping experience to consumers. The upgrade is part of our wider investment programme designed to ensure that our assets continue to meet the needs of our retailers and consumers."
Gallagher Retail Park is also home to a 27,000 sq ft Whole Foods Market, its first store on a retail park and one of the first Patisserie Valerie cafes in a Next store.
Gibraltar Limited Partnership is a joint venture between Hercules Unit Trust (HUT) and The Crown Estate. HUT is advised by British Land and managed by Schroders. HUT was represented by Wilkinson Williams and Harvey Spack Field.
ENDS
Enquiries:
Investor Relations
Sally Jones, British Land 020 7467 2942
Media
Jackie Whitaker, British Land 020 7467 3449
Emma Hammond, FTI Consulting 020 3727 1227
Pip Wood, British Land 020 7467 2942
Gordon Simpson, Finsbury Group 020 7251 3801
Notes to Editors
Hercules Unit Trust
Hercules Unit Trust (HUT) is a Jersey-based closed-ended property unit trust with a fixed life which has been extended to 2020, and is subject to further extension with unit holder consent. HUT's primary investment focus is major retail warehouse or shopping park properties with a value in excess of £20 million in the United Kingdom and, in particular, those properties that dominate their catchment area, offer a critical mass of retailing and, where possible, have the benefit of Open A1 planning consent.
HUT is the UK's largest specialist retail warehouse property unit trust with a portfolio of £1.5 billion. As at 31 December 2013, the Trust owned and managed 19 retail and shopping parks, including Glasgow Fort Shopping Park in Glasgow and 50% of Fort Kinnaird Shopping Park in Edinburgh, providing around 4.5 million sq ft of retail park space. Key tenants include Next, Boots, Arcadia, Marks & Spencer, Walmart, Kingfisher Group, Dixons, Home Retail Group and New Look.
British Land is HUT's property adviser and Schroder Property Managers (Jersey) Ltd is the Fund Manager.
Schroder Property
Schroders has managed property funds since 1971 and currently has £11.0 (€13.4/US$18.4) billion of gross property assets under management (at 31 March 2014).
All of the property funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders' property business visit www.schroderproperty.com.
About British Land
We are one of Europe's largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London Offices & Residential. We have total assets in the UK, owned or managed of £17.8 billion (British Land share of which is £12.0 billion), as valued at 31 March 2014. Our properties are home to over 1,000 different organisations and receive over 300 million visits each year. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people's everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to effectively finance these places.
UK Retail assets account for 53% of our portfolio. As the UK's largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today, from major regional shopping centres to single occupier locations. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 25 million sq ft of retail space across 66 retail parks, 85 superstores, 15 shopping centres, 12 department stores and 77 leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.
Our Office and Residential portfolio, which accounts for 47% of our portfolio is focused on London, We have an attractive mix of high‑quality buildings in well‑managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our offices are in mixed-use environments which include retail and residential elements. Our 7.3 million sq ft of high quality office space includes Regent's Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).
Our size and substance demands a responsible approach to business. We believe leadership on issues such as sustainability helps drive our performance and is core to the delivery of our overall objective of driving shareholder value and creating Places People Prefer.
Further details can be found on the British Land website at www.britishland.com.
This information is provided by RNS
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