NewRiver brings Primark to Warrington
Published: 12 November, 2012
NewRiver Retail signs a 25-year lease with Primark in Golden Square Warrington
NewRiver Retail has completed the acquisition of two large retail units in the Golden Square Shopping Centre in Warrington, Cheshire, which it will combine to create a new store for Primark.
In an innovative deal NewRiver bought the long leasehold interest of the New Look store for £3.47m from Standard Life and simultaneously acquired a long lease on the adjacent vacant retail unit from Golden Square’s landlord, the Warrington Retail Partnership which is a joint venture between Warrington Council, Lend Lease and Legal & General.
NewRiver will now create a single 56,000-sq ft unit for Primark and has agreed a 25-year lease with Primark at £475,000 pa.
New Look is scheduled to vacate shortly after Christmas 2012 and will move into the former Zara unit in the shopping centre. Construction will begin in January 2013 with Primark taking occupation in April 2013.
NewRiver Retail’s property director, Allan Lockhart, said: "This acquisition delivers on our commitment to both value-creation and to meeting consumer demand for value, range and convenience. Moreover, the transaction provides an attractive cash on cash return of 15 per cent pa secured against one of Europe's leading and financially most successful retailers."