Hunter Real Estate Investment Managers (‘Hunter’) has completed three new lettings at Union Gate, Bristol, the 12-unit retail parade which was acquired by the firm’s UK Retail Trust in June for £9.6 million.
British photo services franchise Snappy Snaps has taken a 10-year lease on 12-13 Union Gate at a rent of £32,000 per annum, whilst 11 Union Gate has been let to French-inspired bakery Patisserie La Reine on a 10-year term at a rent of £30,000 per annum. Hunter has also agreed a third letting with Atomic Burger, a comic-book themed burger bar, which will sub-let the ground floor of Unit 15 to open the brand’s second UK restaurant.
The three new occupiers join existing tenants at the parade including Cotswold, Halfords, Ladbrokes, Poundland, Costa Coffee and Pure Gym. Situated in a prominent location opposite Broadmead and within the heart of the city’s retail centre, the 65,000 sq ft site benefits from significant footfall as a result of the large number of office buildings and residential dwellings nearby.
Commenting on the deals, Andrew Moffat, Fund Manager at Hunter, said:
“We acquired this asset following major refurbishment work to modernise the parade, which has enabled us to cater to the significant footfall in this part of Bristol city centre, and in turn attract strong interest from occupiers. The lettings we have agreed are a real testament to our strategy of investing in blocks of underutilised assets in thriving town centres which cater to affluent, upper quartile catchment areas with strong retail and leisure offerings.”
The Hunter UK Retail Trust was launched in the summer of 2015 to draw on Hunter’s proven track record of investing in retail opportunities with significant asset management potential. Total purchases in the closed-end vehicle stand at £55 million with assets across the UK, including Edinburgh, Nottingham, Norwich, Ipswich, Chester and Bristol.
WGH Property acted for Snappy Snaps.