Commercial Property News

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Tuesday, September 23, 2023

Standard Life Investments let Bedford retail unit

The Standard Life Investments UK Retail Park Trust, owner of Interchange Retail Park, Bedford has let a 940 sq m (10,124 sq ft) retail unit on the bulky goods phase of the Park to bed retail specialist, Dreams, at a rent of 18.50 per sq ft. This follows the recent letting to Boots on Phase 1 of the Park. Boots took the former 1,400 sq. m. (15,500 sq. ft) Mothercare unit following a surrender of the lease and has agreed a rent of 45.00 per sq ft. Both new tenants have signed 10 year leases.

Dreams will occupy the final available unit on the bulky-goods phase of Interchange Retail Park and is a strong addition to this part of the scheme which also has Harveys, ScS, Land of Leather and Emporio trading successfully.

Boots commenced trading on September 10th, joining a strong tenant line up that includes Next, TK Maxx, Sports Direct, Clarks and Argos.

Lorcan Mooney, Retail Warehouses Fund Manager at Standard Life Investments commented: "Boots and Dreams are welcome additions to Interchange Retail Park and their arrival adds significantly to the breadth of our retail offer as they join the other high street names on the Park. These lettings demonstrate that, despite the difficult economic climate, well-situated retail venues continue to be sought after by retailers and we wish both a successful future at Interchange Retail Park."

Edgerley Simpson Howe & Partners acted for The Standard Life Investments UK Retail Park Trust in both negotiations. Boots was represented by Montagu Evans and Dreams acted for themselves