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Friday, June 02, 2023

London & Associated Properties pre-lets 20,000 sq ft Sheffield retail unit at record rent

London & Associated Properties has pre-let a new 20,000 sq ft retail unit, currently under construction, in its Orchard Square centre in Sheffield to River Island at annual rent of £667,500, equivalent to £230 a sq ft Zone A, a record for the centre.

The new unit is being created from the former Dixons and Index shops, on which LAP negotiated lease surrenders last year, at a total cost of approximately £2m and is expected to be completed by mid-2007. The two units previously generated annual rental income of £535,000.

This latest development at Orchard Square, which LAP acquired seven years ago for £15.775m, reflects the company's strategy of intensely managing its investment properties as it seeks to enhance both income and capital value. At the time of acquisition Orchard Square generated gross annual rents of £1.3m. Including this latest letting the rent roll now stands at £2.2m with further rental growth to come through during the course of 2006-7.

The pre-letting to River Island will have an important impact on other tenants at Orchard Square who are currently paying a maximum rent of just £200 a sq ft Zone A.

Finally, the redevelopment will also create a second smaller shop unit that when let will, it is estimated, produce rental income of approximately £80,000 a year. This will add more than £200,000 a year of additional rents from the scheme and take the income generated by this part of Orchard Square to almost £ 750,000 a year. Additionally the development enables two floors of offices to be freed up and amalgamated into the existing office space at the front of the shopping centre.

John Heller, LAP's Chief Executive, said: 'This pre-letting to River Island demonstrates the success of our management strategy at Orchard Square and has enabled us to dramatically improve the centre's rental income and capital value. This also reflects our ability to deliver excellent shareholder returns from our shopping centre assets.'



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