Tungsten Properties, one of the leading mid-market industrial and warehouse developers in the UK, has achieved practical completion of its £4.5 million, seven unit retail and trade development on at Sketchley Brook on Rugby Road, Hinckley, Leicestershire.
Totalling 18,900 sq ft of retail and trade counter space, the units range from 1,200 sq ft to 5,500 sq ft.
The scheme has been 100% pre-let to tenants: Co-op, Johnson Cleaners, Toolstation, Greggs, Salvation Army and Consol Tanning Salon and has created circa 50 jobs.
The project was forward funded by Heart of England Co-Operative Society. Following practical completion, Heart of England Co-op, which operates the 4,200 sq ft convenience store within the scheme, has retained the entire development within their investment portfolio.
Ian Dunckley, development director, Tungsten Properties said: “We have built a connected local centre scheme, which has attracted seven national occupiers, providing over 50 new jobs. Demand for such retail and trade counter space in the area is strong to provide convenience products to those customers passing Sketchley Brook Retail Park, on the way to and from work. We thank Heart of England Co-Operative for providing the forward funding and wish them success in the future management and operation of the park.”
Ali Kurji, chief executive, Heat of England Co-operative Society added: “This development represents the largest investment by our Society in our lifetime and is already reaping dividends. As expected, we are already attracting a lot of custom from Hinckley and Burbage. Although in its infancy, Sketchley Brook is shaping up to be a great investment for the Society.”
Rents achieved averaged £17.25 per sq ft for retail and £9 per sq ft for trade counters.
Space Retail acted on behalf of Tungsten Properties; Harris Lamb acted on behalf of Heart of England Co-operative. Parkway Construction, HTC Architects, PRP Engineers and Goodrich Consulting were part of the developer’s project team.