B&M Retail takes over Toys R Us unit at Kingston Retail Park

By James Wallace - Tuesday, May 08, 2018 12:54

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Ediston Property Investment Company has re-geared B&M Retail Limited on an upsized 10-year lease at Kingston Retail Park in Hull, taking over a unit previously occupied by Toys R Us.

B&M has agreed terms to increase their occupation on the retail park by upsizing from a unit of 10,271 sq ft to one of 24,225 sq ft, taking unit 1b, which was occupied by Toys R Us, who entered administration earlier this year.

B&M has agreed to sign a 10-year lease at an annual rent of £302,813 and will receive an incentive of 12 months' rent free. To facilitate the letting, B&M will surrender the lease on their existing unit, which expires in 2021.

Calum Bruce, director of investment at Ediston Properties, the company’s investment manager, said: “Identifying a tenant so soon after the demise of Toys R Us is positive, not just for the asset but for the out of town retail market as a whole. It proves that there is good tenant demand for well-located retail parks. Agreeing this letting secures a good covenant on a long lease, factors which improve the quality of the Company's income stream. We are already looking for a new tenant to take the smaller unit and are working on a few leads.”

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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