Two retailers have signed leases on Land Securities’ Lakeside Retail Park, which is being expanded by 25,000 sq ft.
Furnishings company CSL is taking a 14,000 sq ft store, and Mamas & Papas is signing a lease on a 5,000 sq ft unit at the Thurrock, Essex, shopping park, which LandSec is expanding from 355,000 sq ft. There is one remaining 6,000 sq ft plot on the market.
The new deals are all for leases of at least 10 years and for rents in excess of £30 per sq ft. As part of the development, Pizza Hut will relocate to a new unit, to be built at the entrance to the park.
Pizza Hut is expected to be open by December 2011, and the three new units are due for completion by the middle of 2012.
Hermione Mackrill, portfolio director for LandSec, said: “In a challenging retail environment, the expansion of Lakeside Retail Park demonstrates continued retailer interest in the scheme and reinforces its position as one of the largest and most successful retail parks in the UK.”
Morgan Williams and DTZ advised the landlord. Thompson Heaney advised Mamas & Papas, Savills advised CSL, and Morgan Williams advised Pizza Hut.
joanna.bourke@estatesgazette.com
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