Hunter Real Estate Investment Managers (‘Hunter’) has become the first landlord to let a former BHS Store in Scotland on a long term basis.
Aldi will take the 20,000sqft unit at Cameron Toll Shopping Centre in Edinburgh on a 20-year lease. The global supermarket chain is expected to open in 2017.
The letting follows the completion of two new drive thru restaurants in the north car park, let to McDonalds (3,500 sq ft) and Costa (1,800 sq ft), and Gym Group taking a 15,000 sq ft unit on a 15-year lease on the upper floor of the centre.
Since purchasing the Centre, Hunter has secured new leases to The Entertainer, Clintons Carphone Warehouse, H Samuel, CEX, Yours Clothing and TUI with a further three units under offer.
Andrew Moffat, Fund Manager at Hunter Real Estate Investment Managers said: “Being able to secure the first new tenant for a former BHS unit in Scotland, so soon after the former store closed and at a rent close to the BHS’s historic rent, is extremely positive for the centre and the other retailers who operate here. Although it was disappointing to lose BHS, the CVA documentation highlighted that Cameron Toll was one of its best performing stores in Scotland.
“The speed of the letting highlights how desirable Cameron Toll is to retailers and we expect Aldi to complement the existing offering while attracting more shoppers to the centre, which is already home to well-known brands including Sainsburys, The Entertainer, Game, New Look and Waterstones.”
An Aldi spokesperson said: “Investing in already successful retail spaces such as Cameron Toll is ideal for us as we continue to expand in Scotland, while also enabling our customers to carry out linked trips with other nearby retailers.”
There are 164 former BHS stores in the UK, 16 of which are in Scotland.
Eric Young and Co represented Hunter in the lettings, while Coates and Co represented Aldi, Cushman and Wakefield acted for Gym Group, CML Property acted for McDonalds and Savills for Costa.