Zara Home steps into new Leeds outlet

By: Lothbury Investment Management
 
LEEDS, U.K. - Jan. 12, 2016 - PRLog -- Lothbury Investment Management, on behalf of the Lothbury Property Trust (LPT), has completed the letting of 56 – 57 Briggate, Leeds to Zara Home on a 10 year lease at a rent of £350,000 per annum (£250 per sq ft Zone A equivalent).

The 6910 sq ft  (642 sq m) retail unit is arranged over five floors and was previously let to Monsoon Holdings and sub-let to Phones4U, who traded from the ground floor only.

Zara Home will make full use of the property and trade from the basement, ground floor and first floor. Following completion of the landlord’s works, Zara will commence their fit out, which will include reconfiguring the space to provide c. 7089 sq ft gross internal area. They will install a new vertical circulation core including a lift and new staircases to provide 1650 sq ft sale area on the ground floor and a further 3,330 sq ft sale area over the basement and first floor.

The new shop is scheduled to open for early March 2016.

Michael Toft, Senior Fund Manager and Executive Director at Lothbury Investment Management, said: “We are pleased to have completed the letting of this key property in Leeds’ retail core to a high quality tenant. This asset, which has been in the LPT fund since its inception, forms part of our Core Portfolio of assets. The valuation of the property has increased by £500,000 to £6.2m to reflect the increased rental income. Following completion of works, valuation is expected to rise to £6.5m, reflecting an equivalent yield of 4.8%.”

Lothbury Property Trust operates a combination of well-managed core assets comprising prime, well located properties secured on strong covenants, across a variety of commercial sectors, and with very low vacancy rates. Their active portfolio, which makes up between 10% and 20% of the Fund and which is managed wholly by their own in-house team, generates additional value through the reconfiguration and refurbishment of existing core assets and the development of new sites.
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Source:Lothbury Investment Management
Email:***@fouragency.co.uk Email Verified
Tags:Retail, Commerical Property
Industry:Property
Location:Leeds - Yorkshire - England
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