Four retailers have taken space at The Square in Sale, Greater Manchester at a uplift in Zone A rent from £50 per sq ft.
The 230,240 sq ft shopping centre, owned by the Agora Shopping Centre’s Fund – a 50/50 joint venture between Warner Estate and Bank of Scotland – has recently had a £7m refurbishment and a 66,000 sq ft extension.
The lettings are;
● The Post Office has taken a 1,300 sq ft unit on a 15-year lease at £47,500 per annum. This represents a Zone A figure of £53.97 per sq ft.
Part of the shop will trade as a Costcutter.
● Toykingdom, the toy and play equipment retailer, has taken 818 sq ft on a 15-year lease at a stepped rent rising to £29,000 per annum. This represents a Zone A rent of £53.21 per sq ft.
● New Look has taken a 6,100 sq ft unit which will be its first store in the town. They have signed a 15-year lease at an annual rent of £90,000.
Michael Stevens, operations director at Warner Estate, who manages Agora shopping centres, said: “The significant Zone A uplift demonstrates the success of our redevelopment and refurbishment of the shopping centre.
“It was a key aim of our investment to reposition the centre by attracting high street fashion retailers, and following the preletting to Peacocks, we are now delighted to have secured a retailer of the calibre of New Look for our scheme.”
Other tenants include Boots, WH Smith, Dorothy Perkins and Ethel Austin.
Capital Retail and DTZ Debenham Tie Leung acted on behalf of the landlord. Dalgleish & Co acted for New Look. Armitage Moore & Scholefield acted for The Post Office. Toykingdom acted for themselves.
References: EGi News 23/08/05
