The Linked Life Fund attracts four new occupiers across its retail portfolio, driving income and reducing its void rate to a low of 1.6%
Legal & General Property announces that, on behalf of the Linked Life Fund it has secured lettings to Dreams, Costa and Home Bargains at the following retail parks: Solartron Retail Park in Farnborough, Highbridge Retail Park in Waltham Abbey and Southport’s Central Twelve Shopping Park, as well as securing Wilkinson as a tenant at its Clifton retail unit in Bristol.
Dreams Plc, one of the UK’s largest bed retailers, has taken 7,625 sq ft of space at the Solartron Retail Park on a 15 year lease at a rent of £42 per sq ft. Dreams replace Allied Carpets in a letting which reinforces the scheme as the dominant household furnishing retail park in its catchment area.
At Highbridge Retail Park, Waltham Abbey, Harveys lease has been surrendered and TJ Morris, trading as Home Bargains, has taken the 10,041 sq ft unit on a new 15 year lease at a rent of £22 per sq ft.
The Fund has also let 1,500 sq ft at Central Twelve Shopping Park in Southport to coffee chain, Costa Ltd, on a new 10 year lease at a rent of £31.50 per sq ft.
Finally, the Fund has let the former Borders unit at Queens Road, in Clifton, Bristol, to Wilkinson Hardware Stores Ltd on a new 15 year lease at a rent of £320,000 per annum. The letting has created an attractive investment, with Sainsbury’s occupying the adjoining space.
The Linked Life Fund, launched in 1977, is an open-ended commercial property investment fund with £1.15bn (as at end December 2010) of direct and indirect property assets under management located throughout the UK. The Fund generally concentrates on prime assets in core sectors. It seeks to vary the mix of development and added management opportunity across the Fund according to market conditions.
Craig Westmacott, Senior Fund Manager of the Linked Life Fund, comments: “These lettings emphasize the importance of owning well located and configured retail assets which remain appealing to a broad range of retailers, despite challenging economic conditions. The lettings have driven voids to a very low level (1.6%) across the Fund and considerably enhanced the appeal of the individual assets.”
Source : Legal and General
