In what amounts to an impressive vote of confidence in the Taunton retail market, Marks & Spencer, Virgin Our Price and Waterstone have signed up for the County Hotel retail development on East Street.
Marks & Spencer has bought the freehold of most of the former hotel along with the adjoining 7,432sq m (80,000sq ft) extension. The new store will trade on two levels with about 70 on-site car parking spaces. Construction is underway and is likely to be completed next Spring. M&S plans to dispose of its two existing 2,787sq m (30,000sq ft) units in Fore Street and Old Market Centre once it has moved into the new store. Hartnell Taylor Cook and Healey & Baker advised M&S.
Waterstone and Virgin Our Price have both taken units at Zone A rents of £861.14 per sq m (£80 per sq ft). Waterstones, which is new to the town, is paying £135,000pa for its 501.6sq m (5,400sq ft) unit. Virgin has taken a 650sq m (7,000sq ft) unit and is paying £160,000pa. Both leases run for 15 years with five yearly rent reviews.
Letting agent Douglas Stevens & Co also acted for the developers, Lombard Street Properties, in the purchase of the listed hotel two years ago. At that time the hotel did not have consent for change of use to retail.
Vickers Group Pension Fund will retain the unit shops in its investment portfolio. Fuller Peiser advised the fund. A small unit of 55.74sq m (600sq ft) remain available.
EGi News 07/06/96
