Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, has agreed a re-gear on two retail unit leases at long-term London holdings with Halfords, the UK’s largest retailer of motoring and cycling products and services.
Anchor Retail Park in Mile End, east London, has been in the Lothbury portfolio since 2011 and comprises 45,024 sq ft of class E(a) retail and shopping space, currently occupied Asda and Currys/PC World, as well as Halfords. Lothbury has completed a re-gear on the lease on the Halfords 10,000 sq ft Unit 1 at £25 per sq ft, generating an income of £250,000 pa over a 3-year and 9-month lease period.
Silk Bridge Retail Park is a 43,139 sq ft class E(a) retail and shopping park in Hendon, northwest London, which has been in the Lothbury portfolio since 2003. Other tenants include Pets at Home and Wickes. Here, Lothbury has completed a re-gear on the 11,100 sq ft Unit 3, on a 10-year lease at £25.00 per sq ft, equivalent to £277,500 pa.
Jamie Gordon, asset manager at Lothbury Investment Management, said: “The retail sector remains challenging, but the re-gear with Halfords on these two key London units demonstrates the strength of both these holdings. At both locations, these re-gears extend the lease terms across the asset which improves income security and maintains the strong tenant line up.”
At Anchor Retail Park, Lothbury was represented by Ashwell Rogers; XPROP LLP acted for Halfords. At Silk Bridge Retail Park, XPROP LLP represented Lothbury and Halfords were represented by Avison Young.