Standard Life rejigs Solihull tenant mix
Published: 19 September, 2011
Standard Life Investments has signed three new deals at its Solihull Retail Park with B&Q, Currys and Harveys
B&Q is to extend their existing store from 42,000 sq ft to 58,850 sq ft, and increase the size of their garden centre, on a new 20-year lease at a rent of £23.75 per sq ft.
Dixons will relocate from an existing Currys store of 25,000 sq ft into an enlarged store of 52,000 sq ft, on a new 15-year lease at a rent of £27.00 per sq ft, which will trade as a Currys PC World Megastore.
And Harveys will relocate to a unit of 13,280 sq ft, on a new 10-year lease at a rent of £30.00 per sq ft. Harveys is due to open in December 2011, with B&Q and Currys PC World looking to open their enlarged stores in summer 2012.
In addition to the extension works, there will be a comprehensive refurbishment of the Solihull Retail Park, including re-cladding elevations and new entrance features to create a revitalised, modern appearance. The refurbishment covers 64 per cent of the retail park by floor area.
David Stewart, Fund Manager for the Pooled Pension Property Fund said: “The asset has been held in the Fund for over 20 years and having secured these commitments we can now roll out completion of the refurbishment programme, further strengthening the asset as one of the country’s leading bulky goods retail parks.”
Wilkinson Williams acted on behalf of Standard Life Investments, Colliers acted on behalf of Dixons Retail, Stephen Smart & Co acted on behalf of Harveys and Savills acted on behalf of B&Q.