Ediston, on behalf of its listed REIT, the Ediston Property Investment Company plc, has signed a lease on unit B, Barnsley East Retail Park, with B&M Retail Limited (‘B&M’). The new letting has increased B&M’s occupation on the park by 40%.
B&M occupy the adjoining unit A which extends to c. 25,000 sq. ft. on a lease expiring in September 2027. Unit B, which extends to c. 10,000 sq. ft., was previously occupied by Carpetright, who completed a Company Voluntary Arrangement (CVA) in 2018. Under the terms of the CVA Ediston was able to secure vacant possession of the unit to facilitate the new letting.
B&M has signed a lease on unit B and will trade from both units as a single store. The leases on both units will now expire in September 2027. The rent payable on units A and B will be £330,062 per annum. The new lease to B&M was granted before any lengthy void periods and without any rent free or other incentives being paid. Further, under this agreement, the lease expiry date on unit B was extended from September 2019 to September 2027.
Calum Bruce, Director of Investment at Ediston Properties Limited, said: “We have been able to provide the right solution for the occupational needs of one of our tenants. This letting shows that well-located retail parks, let off affordable rents remain in demand and that CVAs can be exploited to our advantage.”