UK Commercial Property REIT, which is managed and advised by Aberdeen Standard Investments, has let a 25,882-sq ft retail unit at St George’s retail park in Leicester to Home Bargains.
Home Bargains has agreed to a 15-year lease in line with ERV and with fixed uplifts every five years. The new store is expected to open in summer 2019, joining existing occupiers including Aldi, Iceland, Pets at Home and Currys.
The construction of an additional three units totalling 24,450 sq ft, which forms part of the wider asset management strategy for the retail park, has practically completed. Leases have been completed with Laura Ashley, Tapi Carpets and Wren, who are fitting out and will open in the coming months. Costa Coffee will also open a coffee convenience pod at the park in Spring 2019 on a 10-year lease.
UKCM was advised by Morgan Williams and Cushman & Wakefield.