The Place, Milton Keynes
The Place Retail Park comprises 66,514 of open A1 retail accommodation. Prior to Quadrant’s involvement the scheme had 24,606 sq. ft of vacant space, with 6 months remaining on DSG’s lease.
During Quadrant’s appointment as asset managers, the lease renewal with DSG was negotiated and completed (a new 10 year lease with a break in the 5th year) at a rent of £14 per sq. ft. The deal included an alteration to Starbucks’ drive thru lane away from Curry’s man store entrance.
Pre-let with Aldi for 20,000 sq. ft, at a rent of £350,000 per annum on a 15 year lease.
As part of the Aldi agreement, a deal has was completed to relocate American Golf who occupy 5,000 sq. ft into a newly split unit at the same rent.
In addition to the agreement on the drive thru lane alterations, terms were agreed with Starbucks on a 10-year reversionary lease commencing Jan-2029.
During Quadrant’s instruction, the NOI of the park increased by 33%.
The property was sold in Q4 2021 with an improved WAULT of 10.8 years, for £20.4 million (5.37% NIY).
increase in NOI
sq ft Aldi pre-let