Retailer Next has signed a new 15-year lease at UK Commercial Property Trust’s Kew retail park in Richmond.
As part of the new lease, UKCPT worked with Next to increase space to 16,858 sq ft from 10,034 sq ft, as well as installing a Costa Coffee shop within the store.
As a result, it increases income from the unit from £378,783 to £468,784 per annum, and the asset valuation by approximately 2%.
David Rodger, portfolio manager at Ignis Asset Management, which advised UKCPT, said: “The re-gearing of the lease with Next and the introduction of Costa Coffee to Kew retail park are good examples of the kind of hands-on asset management that we are constantly applying to our portfolio to maximise income and generate value.”
joanna.bourke@estatesgazette.com
