Lidl has signed long-term leases on 45,251 sq ft at two SevenCapital developments in Birmingham.
The German supermarket chain has agreed a city centre lease for a 22,377 sq ft retail unit at SevenCapital’s Broadway development (pictured) in the Five Ways area of the city. It has signed a 15-year lease for 3,562 sq ft in the basement at £5 per sq ft and for a further 18,815 sq ft on the ground floor at £13.05 per sq ft.
Lidl joins fellow tenants The Gym Group, vehicle rental firm Sixt and Colmore Tang Construction. The deal brings Broadway’s occupancy to 68%, with just 23,658 sq ft of commercial space now available. Enabling works are set to start imminently, with completion of the new store expected in early 2020. The site forms part of SevenCapital’s 1m sq ft regeneration scheme, which includes a hotel and several residential buildings.
Lidl has also signed an agreement for a 15-year lease subject to planning at SevenCapital’s 5.5-acre site in Erdington. The new bespoke 22,874 sq ft store fronting Sutton Road is expected to be completed 12 months after planning permission is granted. Lidl has agreed a 15-year lease at a rent of £17.50 per sq ft.
Phil Carlin, managing director of SevenCapital, said: “These sites are perfectly suited for [Lidl’s] continued growth strategy and are a welcome catalyst for further regeneration within Birmingham.
“For SevenCapital, this adds to a growing list of achievements in working with institutional occupiers and successful delivery of town centre redevelopment and regeneration projects.”
SevenCapital was advised by Creative Retail.
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