Etam has agreed to pay a record £1,022.60 per sq m (£95 per sq ft) for a store in Camberley’s Grace Reynolds Walk, where Scottish Amicable completed a £1m refurbishment last summer.
The retailer is taking a 557sq m (6,000 sq ft) in the mall, part of ScotAm’s Main Square shopping centre in the Surrey town.
Just six months ago Virgin and Next each took units in the same location, on 15-year leases at £807.32 per sq m (£75 per sq ft). Virgin’s shop totals 418 sq m (9,000 sq ft), while Next occupies closer to 557 sq m (6,000 sq ft).
Scottish Amicable’s upgrade of the previously secondary Grace Reynolds Walk could explain the hike in rents. The fund has demolished seven units on one side of Grace Reynolds Walk and made three bigger stores.
Chris Rumsey, managing director of Dusco, which asset-manages the 32,515 sq m (350,000 sq ft) centre for ScotAm, said: “We’ve taken something which was a very poor retail environment and changed the pitch. The units had been let to a mixed bag of retailers and the shops were not the right size.”
The other side of Grace Reynolds Walk was refurbished in 1991, as part of an overall upgrade. Scottish Amicable paid over £90m to Mountleigh’s receivers for Main Square in 1994. Anchor tenants include Army & Navy and zone As top £1,076.42 per sq m (£100).
Charles Price & Co is Etam’s retained agent. Colliers Erdman Lewis acted for Virgin and Dalgleish & Co advised Next. Hillier Parker is Main Square’s letting agent, while Healey & Baker is the managing agent.
EGi News 05/02/97
