Ediston Properties has secured B&M as the tenant for a unit previously occupied by Carpetright at Barnsley East Retail Park in South Yorkshire, with a rent reduction.
B&M is upsizing its presence at the retail park by 40%. It already occupies an adjoining unit, which extends to circa 25,000 sq ft on a lease expiring in September 2027.
The value retailer has taken on an additional 10,000 sq ft unit formerly occupied by Carpetright, which underwent a company voluntary arrangement last year.
The rent payable on both will be £330,062 pam, which Ediston said was a “small reduction of £5,688 pa from the combined rental income receivable prior to the CVA”.
However, it noted the new lease to B&M was granted before any lengthy void periods and without any rent-free or other incentives being paid.
Additionally, the lease expiry date on the former Carpetright unit was extended from September 2019 to September 2027 to match the terms of its adjoining unit.
Calum Bruce, director of investment at Ediston Properties, said: “This letting shows that well-located retail parks, let off affordable rents remain in demand and that CVAs can be exploited to our advantage.”
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