Four retailers queue up at Orchard Shopping Centre

By Kasmira Jefford - Wednesday, September 13, 2017 9:37

Rockspring Property Investment Managers, on behalf of its Rockspring UK Value 2 LP, announces that it has signed lease agreements with four new retailers at Orchard Shopping Centre, taking the mall to 90% occupancy.

Jack Wills, a leading British clothing brand, has signed a 10 year lease agreement at 4 Fore Street for a 2,500sq ft unit at a rent of c. £31.40 per sq ft. The new addition to the centre opened this weekend. Warrens Bakery has taken up a 662 sq ft unit in the Pig Market on a 10 year lease.

These new lettings follow lease agreements with Yours Clothing and Grape Tree, earlier this year. Yours signed a five-year lease agreement for a 1,748sq ft unit and Grape Tree agreed to let a 964sq ft unit on a ten-year lease.

Acquired in December 2014, Orchard Shopping Centre comprises 160,000 sq ft and 56 retail units let to a range of retailers including Smiggle, Bill’s, Game, HMV, Greggs and Vision Express.

Kim Sardar, European Director at Rockspring said: “This series of lettings, which further diversify the income profile of the centre, are a reflection of the hard work that has gone into building upon the success of the Orchard Centre and further affirm its place as the dominant retail destination within Taunton town centre and the surrounding area.

“We are confident the new tenants will attract a diverse range of shoppers who will provide a further boost to footfall, which is already up 14% on last year.”

Rockspring UK Value 2 is the second fund in a sequential UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close in February 2015 securing a total of £342 million of equity from 11 investors for the Fund, which will have a duration of seven years.

Rockspring was advised by Savills and KLM.

kjefford@costar.co.uk

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