Waitrose has taken a 50,000 sq ft prelet for a £20m food and homeware store in Worcester.
The prelet is on a 20-year lease on the site of the former London Road Trinity Printing Works. It is the second deal between West Midlands-based developer Opus Land and Waitrose.
Waitrose is believed to be paying a rent of circa £20 per sq ft.
Opus Land will redevelop the site and is currently in talks with existing tenants, who either all have lease breaks impending or plan to relocate in the future. The developer will submit a planning application for the new store in the spring.
The deal has been financed thus far in-house, but Opus is looking for pre-funding on the open market and is talking to selected parties through retail funding agent Bryant Champion Long. They are hoping to arrange funding by mid-2014 when planning consent is granted
Waitrose director of development Nigel Keen said: “We have explored a number of opportunities over the years and believe the plans brought forward by Opus Land represent the best scheme to deliver a quality food store for the city’s shoppers. It is great that Worcester continues to attract investment and we hope that we can be part of its future.”
Opus launched its first foray into retail development last August when Waitrose signed a 28,000 sq ft prelet on the Homer Road site in the heart of the town centre. The £14m project will be managed by Opus Land and funded by Standard Life Investments
Subject to consent work could start on site in Worcester in autumn 2014 with the store opening in late 2015.
