In a series of deals, Edge Properties has bolstered its presence at its Battery Retail Park in Birmingham, West Midlands.
The company has just paid an unnamed fund £4.575m for the 2,880 sq m (31,000 sq ft) B&Q unit next door to the park. B&Q is paying £248,000 pa – £86.11 per sq m (£8 per sq ft) with a rent review in June next year.
Meanwhile, at Battery Retail Park itself, Edge has agreed a surrender of MFI’s lease and relet its unit to Dixons Stores Group, trading as Currys and PC World.
The 3,809 sq m (41,000 sq ft) unit will be divided into two and Dixons is paying an initial rental of £638,000 pa – £172.23 per sq m (£16 per sq ft). By the end of the second year the rent will have risen to £177.61 per sq m (£16.50 per sq ft).
MFI had been paying £404,000 pa (£104.41 per sq m – £9.70 per sq ft). However, Edge has agreed to refurbish the property at a cost of £1m.
EGi News 22/10/97
