Aberdeen Property UK Retail Parks Trust has agreed its first letting at Brotherhood shopping park in Peterborough, Cambridgeshire, to Marks & Spencer.
M&S has entered into a 25-year lease for a 70,000 sq ft full line store – 35,000 sq ft on the ground floor and 35,000 sq ft on a mezzanine level.
Brotherhood retail park was built 23 years ago. A planning application to redevelop it was submitted in 2007, and the £25m development, totalling 260,000 sq ft of retail, is scheduled to open in autumn 2012.
Phil Huby, Aberdeen asset manager, said: “This is a significant development for the fund with a capital investment of £25m in a much-needed regeneration of the Brotherhood scheme. It is generating interest from top line retailers who are attracted to Peterborough and the scheme.”
Savills advised Aberdeen Asset Management; Harvey Spack Field acted for Marks & Spencer.
annabel.dixon@estatesgazette.com
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