Lothbury Property Trust Company has bought the freehold of the former Sainsbury’s store in its Cooper’s Square Shopping Centre for £4.6m and let it to BhS.
The retailer has signed up for a 25-year lease on the 3,530 sq m (38,000 sq ft) anchor unit. Lothbury is also creating two smaller retail units, of 545 sq m (5,865 sq ft) and 625 sq m (6,730 sq ft) next to the BhS store. The quoting rent for these units is £915 per sq m Zone A (£85 per sq ft).
Other anchor tenants at the 32,500 sq m (350,000 sq ft) scheme include Marks & Spencer, Littlewoods, Primark, Boots, Woolworth and WH Smith.
The new BHS store is due to open in Easter 1998 and will allow Lothbury to build a fourth new entrance to the centre.
Gartmore Investment Management and Chesterton advised Lothbury on the store acquisition. Churston Heard is joint letting agent with Chesterton for the scheme.
EGi News 13/08/97
