UK Commercial Property Trust, the owner of the Pride Hill, Darwin and Riverside Shopping Centres in Shrewsbury, has signed leases with three new tenants in the town.
National toy retailer The Entertainer has taken 4,000 sq ft in Pride Hill Shopping Centre on a new 10 year lease.
Ryman has also relocated on a new five year lease to a prime 2,000 sq ft store in the Pride Hill Shopping Centre.
At the Darwin Shopping Centre, menswear brand Blue Inc has taken a new 10 year lease with a break option in year five over 4,000 sq ft.
In line with the planned maintenance for the centres, a new mall floor has been installed in the Pride Hill Centre. The replacement of escalators continues on schedule in the Charles Darwin Centre, and is expected to be completed by Autumn 2014.
These initiatives are in line with the strategy of rebuilding income, improving lease length as well as investing in the fabric and overall appearance of the centres. Collectively the lettings have boosted income by over GBP200,000 per annum, improved occupancy levels and reduced non recoverable costs.
David Rodger, portfolio manager at Ignis Asset Management, says: “The Entertainer is a great family brand to welcome to Shrewsbury and they will enhance the tenant mix and the vitality of the Pride Hill centre, along with Ryman, while Blue Inc will further improve the fashion offer in the Darwin Shopping Centre, joining River Island, Topshop/Topman and H&M. We continue to work hard as a team to try to attract other retailers to the Centres.”
Jones Lang LaSalle and Space Retail acted for Ignis. Reid Rose Gregory acted for The Entertainer and Brasier Freeth acted for Blue Inc. Ryman dealt directly.