French retailer Decathalon is rumoured to be taking 9,986 sq m (107,500 sq ft) at Prestbury’s Surrey Quays Retail Park, London, creating the UK’s largest sports superstore.
The operator is taking a new 30 year lease, with five-yearly reviews and six-yearly break clauses. The starting rent is £750,000 pa, rising to £1m pa at the first review with open market reviews after that. Nick Leslau, Prestbury’s chairman, declined to confirm the deal.
Surrey Quays Retail Park is strategically located between Tower Bridge and Canary Wharf. It is next door to Surrey Quays Shopping Centre and adjacent to the new Tube station.
Leslau bought the scheme this April as part of a £100m portfolio from MEPC. It was originally developed by PSIT.
Leslau said: “We bought Surrey Quays Retail Park because it was problematic. Its history was problematic in that PSIT built it speculatively and were offering the wrong size at the wrong price at the wrong time. I think there is nothing inherently wrong with the scheme and its location is great. But when it failed to let, they dropped the price and retailers then perceived the development to be problematic.”
Decathalon have over 200 stores in Continental Europe and intend to announce UK expansion plans within the next few weeks.
EGi News 17/11/98
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