Quadrant, the independent UK real estate asset management and development company, has completed a string of deals on behalf of its retained client AshbyCapital at two of its retail park assets.
New leases have seen both JD Sports and TUI arriving at Morfa Shopping Park in Swansea. JD has taken a 10,000 sq ft unit on a ten-year lease, creating its third store in Swansea, while TUI has taken a five-year lease on a 1,500 sq ft pod at the popular retail park. Both stores are expected to open this autumn. Lease renewals have also been signed with both EE and Card Factory.
Meanwhile, at Abbotsinch Shopping Park in Paisley, six new deals have been secured with existing retailers, all of which have taken 10-year leases. DFS has renewed on 25,000 sq ft of space; Sofology and Dunelm each remain in a 20,000 sq ft unit; Wren has re-contracted for 15,000 sq ft; ScS has kept a 10,000 sq ft presence; and Dreams has renewed for a 5,000 sq ft unit. The average rental uplift across these deals is nearly 20%, highlighting the strength of location and dominance of the park in its catchment. Alongside the new terms, there is also a commitment to extensive upgraded fit outs from several of the operators.
John Maddison, Partner at Quadrant, said:
“Relevant, well-located and well-managed retail parks remain popular amongst consumers who want to partake in physical shopping, be it for big-ticket items or simply an experiential day out with family and friends. These renewal deals reflect existing retailers’ strong performance and affordability at, and their continued confidence in, Morfa and Abbotsinch shopping parks, which remain dominant in their respective locations.”
“We are pleased to welcome JD Sports and TUI to Morfa Shopping Park and to sign renewals with EE and Card Factory, as well as confirming the ongoing presence of DFS, Sofology, Dunelm, Wren, ScS and Dreams at Abbotsinch. Retail parks continue to outperform the wider retail sector and these deals are a testament to our strategy of focusing on the highest quality assets where we can create an appealing offer for consumers and drive performance through proactive asset management working with our partners at Quadrant.
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AshbyCapital purchased Morfa Shopping Park in 2015 and Abbotsinch Shopping Park in 2019. Quadrant is the asset manager for both retail parks.