UK Commercial Property Trust has secured tenants for two of three new units at its 24,450 sq ft retail development at St George’s Retail Park, Leicester.
UKCPT, which is advised by Standard Life Investments, has agreed the pre-let of a 15,000 sq ft shop to furniture store Wren Living, as well as a 5,650 sq ft shop to Tapi Carpets, both on a 10-year lease. The headline rent for the development is £26 per sq ft.
Following these pre-lets the retail park has a combined WAULT of six years, and UKCPT is in advanced talks for the pre-let of the remaining shop, which offers 3,800 sq ft of space.
UKCPT fund manager Will Fulton said: “We have already gone a long way to improving the retail park through a series of asset management initiatives, resulting in enhanced tenant mix and income durability. The redevelopment of the former KFC unit marks the start of the next phase of our plans for this park to further improve the consumer experience and, importantly, income profile of the asset.”
Cushman & Wakefield and Morgan Williams are joint agents on St George’s Retail Park.
amber,rolt@estatesgazette.com
