Homebase has beaten rival retailer B&Q to secure a site in Ipswich for one of the DIY chain’s largest retail outlets in the UK, writes Stacey Meadwell.
The DIY giants went head to head to anchor Simons Estates’ 18,100 m sq (195,000 sq ft) retail scheme on Bury Road outside the town centre.
Sainsburys Homebase was the developer’s preferred bidder and the retailer has signed a 25 year lease on a 9,570 m sq (103,000 sq ft) unit which will set a new headline rent for the local market at around £150 per sq m (£14 per sq ft.)
The previous out-of-town rental high for Ipswich was £130 per sq m (£12 per sq ft). Both retailers have existing stores in Ipswich. The new Homebase will open in Autumn 2000.
Neil Gilbert of Gilbert Bath, which is joint agent with FPDSavills on Simons’ scheme, says Homebase is committed to securing larger units – its standard store size is 5,574 m sq (60,000 sq ft) as its expansion programme follows in the footsteps of B&Q.
Simons development will also include a park and ride scheme.
Moore Hunter represented Homebase.
EGi News 05/08/99
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