Maplin Electronics takes final unit at Burghmuir Retail Park, Stirling
Stirling Development Agency (SDA), the 50/50 joint venture between Valad Europe and Stirling Council, has pre-let Unit 3, the last remaining unit at Burghmuir Retail Park, to electronics retailer Maplin Electronics.
Maplin has signed a 15 year lease on the 6,000 sq ft unit and will join anchor tenant Waitrose and TK Maxx, who have pre-let the other units at the 70,000 sq ft retail park.
The latest letting follows the announcement in June that Legal & General Property’s Property Unit Trust had agreed to forward fund the development for GBP18.5m.
Andy Richardson, Valad Europe’s head of UK development, says: “To have fully pre-let Burghmuir Retail Park to such high quality tenants and secured forward funding with six months of construction remaining is a resounding endorsement of the project. We are now focused on completing development of the site on time and to its full potential for the benefit of the local community in and around Stirling.”
Matt Jarvis, fund manager of the Property Unit Trust at Legal & General Property, adds: “This final letting, which has been secured to a strong covenant, well ahead of completion of the development, not only demonstrates the strength of demand for the town, but also reflects the quality and location of the scheme, and de-risks the project for the Fund and our development partners.”