Leading property consultancy CBRE has announced the sub-let of an Edinburgh city centre premises to bike retail and maintenance specialist Cycle Republic on behalf of head tenant Lloyds Bank plc. Officially opened by Olympic racing cyclist Chris Boardman, the unit is home to the first Cycle Republic store in Scotland.
A subsidiary of the UK’s leading cycling and motoring retailer Halfords, Cycle Republic has signed a ten year sub-lease on the circa 4,400 sq ft unit at a rent of £75,000 per annum with a rent review at year five. Situated at 71 Morrison Street, the unit is conveniently located on the ground floor of a substantial modern office building in the city’s bustling business district, close to Lothian Road.
Callum Mortimer, a director in CBRE’s UK Retail team, said: “It’s great to see Cycle Republic expanding into Scotland and we are confident it will make a great addition to the city’s extensive retail offering. Whilst the outlet’s specialised offering is sure to attract customers from further afield into the area, its location in Edinburgh’s busy Exchange District is also likely to capture the attention of a significant number of passing workers and shoppers.”
Andy Wright of Wright Buchanan Acted for Cycle Republic.