Picton Announces Completion of an Agreement to Lease with Lidl on its Former Homebase Unit at Parc Tawe North, Swansea
January 07, 2019 at 07:00 am
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Picton announced that it has completed an Agreement to Lease with Lidl on its former Homebase unit at Parc Tawe North, Swansea. It will move Lidl from its existing premises on the retail park, making it the anchor occupier, alongside JD Sports, Pets at Home, Home Bargains and Poundstretcher. Lidl currently occupies a 10,000 sq ft unit on a lease expiring in 2023. It will increase its footprint by 255%, taking the entire 35,500 sq ft previously occupied by Homebase. Following enabling works by Picton, Lidl will take a 20 year lease, with a break after 15 years, at an annual rent of £0.39 million, in line with ERV. The lease is subject to five yearly Retail Price Index (RPI) based rent reviews capped at 2% per annum. Homebase was paying a rent of £0.44 million per annum on a lease expiring in 2022. Lidl will continue to trade from its existing unit, paying £0.14 million per annum until the enabling works and fit out have been completed, which is expected to be in the second quarter of 2019. The current lease will then be surrendered. With the Lidl agreement completed, Picton will pursue the second stage of its strategy at Parc Tawe North by focusing on letting the 15,000 sq ft of space that became vacant following the insolvency of Poundworld in 2018 and, when vacated, the former Lidl unit.
Picton Property Income Limited is a real estate investment trust (REIT) investing in United Kingdom commercial property. Its diversified property portfolio consists of approximately 49 assets invested in the industrial, office, retail and leisure sectors. Its industrial properties portfolio includes Parkbury Industrial Estate, River Way Industrial Estate, Lyon Business Park, Sundon Business Park, The Business Centre, Nonsuch Industrial Estate, Madleaze Trading Estate, Mill Place Trading Estate, Easter Court, and Abbey Business Park. Its office portfolio includes Angel Gate, Stanford Building, 50 Farringdon Road, Colchester Business Park, 180 West George Street, Charlotte Terrace, Longcross Court, Atlas House, and Waterside House. Its retail and leisure portfolio include Gloucester Retail Park, Thistle Express, Angouleme Retail Park, Crown & Mitre Complex, and 53-57 Broadmead, and 78-80 Briggate. Its subsidiaries include Picton (UK) REIT (SPV) Limited and Picton (UK) Listed Real Estate.