12th June 2014
Strong demand for retail space at Exeter’s St Thomas Neighbourhood Centre drives significant rental growth
Acting on behalf of LCP Properties, Alder King has secured two lettings at St Thomas Neighbourhood Centre, a vibrant 17 unit retail scheme serving the St Thomas area of Exeter. The transactions are significant, setting a new Zone A rental for the scheme of £55 per sq ft, up from £28 per sq ft in 2013.
The centre is now fully occupied after transactions were finalised with expanding pizza chain Dominos for Units 3 & 4 and William Hill bookmakers for Unit 10.
Dominos secured the 1,552 sq ft (144.14 sq m) unit on a new 20 year lease at a rent of £37,000 per annum, equating to a Zone A rental figure of £38 per sq ft. William Hill completed the 766 sq ft (71.25 sq m) letting of unit 10 at £28,000 per annum on a new 10 year lease, equating to Zone A rent of £56 per sq ft.
Lee Southan of Alder King’s Exeter office says: “Secondary retail offerings in Exeter continue to perform strongly. We received considerable interest in these units, with prospective occupiers recognising the strength of the location, its free parking and high level of footfall. These attributes combined to drive these significant increases in rental levels.”
Retailers interested in securing space at the Centre can register with Alder King in Exeter on 01392 353080.