Wednesday, July 16, 2014

News: Potential Poundland letting would put Parkgate up to 100%

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Discount retailer, Poundland, looks set to take a 9,900 sq ft unit at Parkgate Shopping in Rotherham, a deal that would see the popular shopping park become 100% let.

Owned by Hercules Unit Trust, which is advised by British Land and managed by Schroders, Parkgate Shopping is one of the largest retail parks in the UK, home to over 40 shops and attracting around 150,000 visitors a week. It is valued at over £100m to the trust via a subsidiary, the Rotherham Unit Trust.

Europe's biggest and fastest growing single price discount retailer, Poundland has submitted a planning application for its sigange at Unit 7, which has been vacant since it was closed by the administrators of Clinton Cards. The Birthdays store opened at Parkgate in 2008 as a concession in the Pure Party unit alongside Game and Thorntons, two retailers that have also had financial struggles.

With a store already in Rotherham town centre, Poundland continues to expand. In November 2013 it reached a significant milestone with the opening of its 500th store and the business now trades from 517 Poundland and Dealz stores in the UK and the Republic of Ireland.

On the back of a record 2013 where total sales were up by 13.3% year-on-year, the West Midlands firm announced its intention to float on the London Stock Exchange.

Recent openings at Parkgate include Wilko, who have moved into the 20,000 sq ft unit vacated by Comet. It follows from Nike Factory Store and fashion retailers, USC & Blue Inc opening new stores.

Plans are also being progressed to replace the current Pizza Hut restaurant with a new building to include a 372 sq m, 128 cover Nando's restaurant and a 93 sq m Subway outlet.

The no vacancies signs going up at Parkgate compares to the LDC's average vacancy rate for out of town retail parks in the country of 8.9%

British Land reported today that it had completed 334,000 sq ft of retail lettings/renewals in the quarter to June 30 2014 and that occupancy amongst its retail portfolio is up to 98.6%

Poundland website
Parkgate Shopping website

Images: Poundland

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