Supermarket group Waitrose has taken a prelet of 42,500 sq ft at London & Associated Properties’ (LAP) partial redevelopment of King Edward Court, Windsor.
The food retailer has agreed an annual rent of £700,000 on the space.
LAP has also agreed terms with fashion retailer Zara for the prelet of a 17,000 sq ft store.
As a result of the two prelets, more than 90% of the available retail space in the redevelopment is now committed.
Waitrose and Zara join New Look and H&M, which committed earlier this year to the retail element of the redevelopment at King Edward Court, which LAP owns in a joint venture with the Bank of Scotland.
The redevelopment is planned to get under way next month and completion is anticipated by the end of 2006. Following completion, the redevelopment will increase King Edward Court’s retail content by 60,000 sq ft to over 215,000 sq ft.
These prelets will produce combined annual rents of £2.15m on completion, and there is a further estimated £250,000 pa of space still to let.
LAP was represented by Gooch Cunliffe Whale. Zara was advised by Harper Dennis Hobbs. Waitrose was represented by its own inhouse property team.
References: EGi News 10/01/05
