Wilkinson Williams

Acting for Aviva Investors, Wilkinson Williams identified strong tenant demand for the high profile ex-Land of Leather in Croydon where M&S still had a leasehold liability.

We identified specific tenant demand knowing that M&S would pay to surrender their lease. Planning consent was achieved to divide the unit into two units of 7,500 sq ft and 5,000 sq ft, and prelets agreed to Hobbycraft and Mamas & Papas on new 15 year leases at £39.50 per sq ft with minimum incentives.

Completion will be in June 2010 and the retailers will be trading by autumn 2010.

Aviva Investors have seen significant capital uplift as a result of this transaction, with the new rental evidence assisting the outstanding rent reviews on the retail park.