Europa Capitalís joint venture with Ediston Real Estate has completed a restructuring of the Matalan unit at the 133,000-sq ft Pallion retail park in Sunderland. The Matalan store has downsized the from 50,000 to 30,000 sq ft with B&M leasing the vacated space. Landlord works have been completed and Matalan is now trading with B&M currently completing fit-out works. In addition, as part of the works an extra unit of 4,000 sq ft has been created which is now being marketed.
Rob Sim, partner and head of Northern Europe at Europa Capital, said: ďThe restructuring is a key part of the business plan for the asset and establishes an improved rental tone for the park and a major increase in the weighted average unexpired lease term. This commitment from the tenants establishes Pallion retail park as the best retail park in the area. There are further plans to secure leases with retailers for pods in the car park, for which there is planning consent.Ē
Morgan Williams and Edgerley Simpson Howe are letting agents.