The Schroders Capital UK Real Estate Fund has increased occupancy of its retail warehouse and leisure portfolio to 93% with nine new lettings.
The fund has let 121,000 sq ft across the South East and East of England, with deals signed in Chatham, Norwich, Colchester, Chelmsford and Romford.
At Hall Road Retail Park in Norwich, Pump Gyms has committed to 16,500 sq ft on a 25-year lease, while electricals brand Hughes has extended its lease on its 21,500 sq ft store to 10 years.
At Turner Rise Retail Park in Colchester, B&M has taken a 10-year lease on a 32,500 sq ft unit and Bensons for Beds has committed to 10,000 sq ft on a new 10-year lease. SCREF said it was also finalising a five-year extension to an existing lease on 30,000 sq ft, but did not name the occupier. Market sources suggested it was Dunelm.
At Chatham Waterside in Kent, SCREF has signed dessert chain Kaspas and coffee shop operator Costa on 10-year leases. Kaspas will occupy a 1,650 sq ft unit, while Costa will move into a 1,450 sq ft unit, with both set to open in the next month.
And at the Brewery in Romford, SCREF is under offer on a trio of deals with new national occupiers for a total of 10,500 sq ft, with each of the units being committed on 15-year leases. Another 8,200 sq ft unit in Romford has been extended by existing operator Cosmo for a further seven years.
This run of activity commenced at the start of 2022, with a 15-year lease to Fridays at the Meadows Retail Park in Chelmsford. The new 8,250 sq ft flagship restaurant is due to open later this quarter.
Tom Woolven, asset manager at Schroders Capital, said: “With affordable rents, and near full occupancy, our retail warehouse assets continue to create long term sustainable income growth and strong returns for SCREF investors.”
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