Global shoe brand to take space on Princes Street

Leading property consultancy CBRE has announced it has secured a new retail tenant at 79 Princes Street on behalf of the landlord c/o DTZ Investment Management.

Skechers USA, due to open very soon, will be the first dedicated Skechers store to hit the capital city following the success of its unit on Buchanan Street, Glasgow.

The global shoe brand has taken almost 5,000 sq ft across two floors at the centrally located 79 Princes Street on a ten year FRI lease at a rental of £285,000 per annum, subject to five yearly upwards only rent reviews.

Callum Mortimer, director in CBRE’s Retail team in Edinburgh, commented:  “This is a fantastic new occupier for Princes Street’s tenant mix. There was competition for the shop between a number of occupiers, which illustrates the strong demand for city centre space at present.

“Clarks previously traded from three floors prior to vacating the unit. Nowadays, most modern retailers do not require three or more floors and therefore to maximize value we sub-divided the shop utilising the existing stairs and escalator. We targeted restaurant users for the upper floor – now let to Yo Sushi – and this new letting to Skechers on ground floor and basement completes the jigsaw. Both units are let on long leases and strong rents.”