UK Commercial Property Trust, advised by Standard Life Investments, has pre-let two of the three new units at its 24,450-sq ft retail development at St George’s retail park in Leicester.
Wren Living has pre-let 15,000 sq ft and Tapi Carpets 5,650 sq ft, both on 10-year leases and UKCPT is in advanced talks for the pre-let of the remaining 3,800-sq ft unit.
Planning permission has been secured and construction of the new modern retail terrace, which replaces the former standalone KFC unit, is due to commence in Spring 2017. The new development is the latest phase of UKCPT’s wider asset management and upgrade programme at the 170,000-sq ft St George’s retail park, which has included the refurbishment and subdivision of a number of existing units. Over the past 18 months 61,000 sq ft of space has been let to Iceland’s The Food Warehouse, Maplin, Pets at Home and Aldi.
Fund manager Will Fulton said: “We have already gone a long way to improving the retail park through a series of asset management initiatives, resulting in enhanced tenant mix and income durability. The redevelopment of the former KFC unit marks the start of the next phase of our plans for this park to further improve the consumer experience and, importantly, income profile of the asset.”