New lettings at Gallagher Retail Park
Quadrant Estates, the asset manager of Birmingham’s key regional retail park, Gallagher Retail Park, has secured a series of lease agreements (a combination of new leases and lease extensions) with ten major brands. Currys, M&S Simply Food, Tapi Carpets, Oak Furnitureland, Sofology, Nandos, Costa Coffee, Mod Pizza and Smashburger have all been signed as new tenants for the 200,000 sq ft retail and leisure destination.
Currys and PC World will merge into the downsized Currys’ unit (40,000 sq ft) on a 15-year lease, and open as a 3in1 Megastore to include a new Carphone Warehouse store. M&S Food Hall will take 11,000sq ft of the downsized Currys’ unit on a 20-year lease. The former PC World unit is being divided into three separate units - Sofology will take a 10-year lease on a 12,500 sq ft unit, Oak Furnitureland will take a 10-year lease on a 10,000 sq ft unit, and Tapi Carpets will take a 10-year lease on 7,685 sq ft unit. Nandos will take a 20-year lease on a 3,750 sq ft restaurant pod, Costa Coffee will take a 15-year lease on a 1,500 sq ft restaurant pod, Mod Pizza will take a 15-year lease on a 2,555sqft unit and Smashburger will take a 15-year lease on a 3,500sq ft unit.
Gallagher Retail Park, acquired by KKR and Quadrant Estates in June 2014, is immediately adjacent to the motorway junction (J9) and benefits from a dense population catchment. The 200,000 sq ft retail park already has a strong mix of high profile tenants including Next, TK Maxx, Outfit, Mamas and Papas, Boots, Furniture Village, SCS, Harveys, Burger King and Pizza Hut. Construction will commence soon and is scheduled for completion in early Spring 2017.
Quadrant Estates’ partner James Bidwell said: “These latest brands to sign further reinforce the appeal of Gallagher Retail Park, and complement the existing line-up of high profile tenants. The new tenants will provide even greater vibrancy and vitality to Gallagher Retail Park. There are also two further retailers, currently in legals, with a view to taking space at the Park, which we will announce soon. As the asset manager our aim is to continue enhancing the overall tenant mix and the consumer experience at the Park and ensure that it remains the location of choice to shop and enjoy leisure time. Our plans include making substantial improvements to public realm, access, car parking and landscaping of the Park.”
Montagu Evans and Wilkinson Williams acted for Quadrant Estates and KKR on these lettings.