JJB Sports has taken the last anchor store in Fordgate’s revamped Pallasades in Birmingham. Since the developer bought the scheme two and a half years ago, Fordgate has more than doubled the rental income from the shopping centre.
The retailer is taking a newly created 26,400 first floor unit with access from a 1,070 sq ft ground floor shop. JJB is paying £302,170 pa on a 15 year lease with five yearly break options.
Recently Spoils took a 12,500 sq ft unit and Mark One secured 3,500 sq ft. The latest deal means Fordgate has secured 43 lettings since it acquired the centre two and a half years ago.
Current rental income has also increased over the same period from £3.5m to £7.5m pa and prime zone A’s from £100 to £145. Zone A’s in the main mall have grown from £35 to £95.
Bernard Mcelholm at Bernard Neville & Co’s (BN&C) said: “The improved performance has partly been the result of Fordgate’s refurbishment and partly the result of growing demand from retailers for Birmingham city centre.”
Local agents do not expect the centre to suffer adversely from the Bull Ring as Hammerson’s plans include revamping the bridge linking the Pallasades to the new scheme.
Bernard Neville & Co and Donaldsons are joint agents on the Pallasades.
EGi News 24/04/97
