C&R lets BHS stores

Published:  07 February, 2017

Capital & Regional lets former BHS space in Walthamstow and Redditch

Capital & Regional has completed further lettings totalling 64,000 sq ft across two former BHS units at its shopping centres, bringing new occupiers Lidl and The Range into the respective schemes.

Lidl has taken 18,000 sq ft on the ground floor at The Mall, Walthamstow on a 25-year lease, with an expected opening in early summer 2017. Together with the previously reported 15,000-sq ft letting to The Gym Group C&R has secured a 40 per cent uplift in contracted rent compared to that previously received from BHS, with further significant income expected to be realised upon the letting of the remaining 12,000 sq ft of available space, of which over 50 per cent is now under offer.

At the Kingfisher centre in Redditch, the Range has taken a 10-year lease over the entire 46,000-sq ft unit previously occupied by BHS. The store, which is expected to open by Easter, brings an important new anchor tenant to the scheme.

James Ryman, investment director at Capital & Regional, said: “In the six months since BHS closed, we have already re-let the majority of the stores, securing £1.2m of contracted rent at levels that in aggregate are ahead of the previous BHS rent and ERV. These lettings and the ongoing negotiations on the remaining space reflects the continuing strong occupier demand for Capital & Regional’s well-located, dominant community shopping centres.”

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