Toys R Us has made its Glasgow debut by signing up for Edge Properties’ 13,006 sq m (140,000 sq ft) Forge Retail Park in Gallowgate.
The retailer has taken a pre-let on a 2,322.5 sq m (22,500 sq ft) unit at rent of £134.55 per sq m (£12.50 per sq ft). The unit was originally leased to another retailer at £80.73 per sq m (£7.50 per sq ft).
Edge arranged the acquisition and surrender of the lease at an undisclosed cost. The new rent reflects an increase of 67% over the original level which was agreed nearly two years ago., and brings the rental income to about £1.355m. The scheme is fully pre-let.
The Park is under construction with practical completion due for September. Edge conditionally acquired the retail park last April for £16.2m. The developer has planning consent for a further 1,858sq m (20,000sq ft) of retailing warehousing on an adjoining 1.24ha (3 acre) site.
EGi News 30/07/96
