UKCPT lets Swindon BHS unit in to Wilko

Published:  02 June, 2017

Wilko takes former Bhs site in The Parade, Swindon

UK Commercial Property Trust, which is advised by Standard Life Investments, has secured a new 15-year lease with high street chain Wilko at The Parade, Swindon, for the majority of the unit that was previously occupied by BHS. The Parade’s line up of leading retailers already includes H&M, Topshop and Debenhams

Wilko will occupy around 20,000 sq ft, including the entire ground floor as well as some of the second floor, at a rent in line with the ERV of the unit and which will increase the overall rental income for The Parade by 12 per cent. The remaining space on the upper floors will be accessed by a new ground floor entrance from The Parade.

At the same time UKCPT has agreed a 25 year pre-let to Metro Bank of a new 5,200-sq ft flagship unit to be developed at The Parade. The fund acquired two retail units on Regent Street that are directly adjacent to an existing vacant unit within the Parade, and all three units will now be demolished in order to create the new flagship space at the entrance to The Parade. Planning permission has already been received for the new unit with the bank due to take occupancy in December 2017. Metro Bank has agreed a 25-year lease without breaks at a rent in line with ERV, taking the WAULT of The Parade to in excess of 11 years.

Will Fulton, fund manager at Standard Life Investments, said: “Following the departure of BHS, we wanted to ensure that we introduced a tenant with a first class covenant that would complement existing occupiers and drive footfall to add value both to The Parade and to Swindon’s town centre. Wilko is therefore exactly the kind of tenant that we had in mind for this space and will add significantly to both the tenant mix and the rental income of The Parade.”

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