UKCPT secures 8,000 sq ft letting to Sportsdirect in London
UK Commercial Property Trust, advised by Ignis Asset Management, has signed a 10 year lease with new tenant Sportsdirect at No 190-192 High Street Kensington, London improving income from the previous occupier’s lease by GBP24,000 per annum to GBP440,000 per annum.
There is a rent review after five years and, as part of the new lease, UKCPT worked with Sportsdirect to ensure that the unit is fitted out to a high standard.
UKCPT’s ownership at High Street Kensington comprises a 57,000 sq ft block of prime retail accommodation let to Virgin Travel, Trailfinders, Snow and Rock, Evans, Kuoni & Ellis Brigham.
Briant Champion Long acted for Ignis Asset Management in the transaction.
David Rodger, portfolio manager at Ignis Asset Management, says: “The introduction of Sportsdirect to 190-192 High Street Kensington is great news for UKCPT. We have replaced a tenant that had entered administration with an excellent occupier in Sportsdirect on a 10 year lease at a strong level of rent. The deal reflects the prime nature of the property and the occupier demand for the space. It is also a clear example of the ongoing active asset management work that is being undertaken by the Ignis team.”
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