Ediston Property Investment Company has restructured lease terms with New Look at a retail park in Wales.
The retailer has negotiated a new tenancy to allow it to continue to trade from the 7,623 sq ft store at Prestatyn Shopping Park. New Look has signed a new five-year year lease without any breaks at a rent of £185,000 per year.
Ediston had previously told New Look that it planned to break its lease at Prestatyn Shopping park and relet the property to a new tenant.
New Look completed a CVA in March 2018, under which the annual rent of this unit was reduced from £150,000 to £120,000.
The new rent is 23% higher than the pre-CVA passing rent and 54% higher than the rent currently being paid under the CVA.
Calum Bruce, director of investment at Ediston Real Estate, said: “There has been a lot of positive activity at Prestatyn Shopping Park as a result of our intensive approach to its asset management. This has seen the income from the asset grow and demonstrates that rental increases are possible on the good assets which dominate their catchments.”
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