Tritax Big Box REIT has let 1.2m sq ft of warehouse space to Currys at Tritax Park Newark.
The retailer has agreed a new letting on a 400,000 sq ft speculatively built unit on a 20-year lease, which was delivered in partnership with Simons Developments, and agreed a 10-year lease extension on its existing facility at the park.
This increases the remaining lease term to 20 years, aligning it with the lease length of the retailer’s new building, and secures £9.5m of annual rental income (before rent reviews) for Tritax.
Charlie Withers, head of development at Tritax Management and development director at Tritax Big Box REIT, said: “We are delighted to both let a brand new development and extend the lease on our existing building with Currys. We have been working collaboratively with Currys at Newark for over nine years and look forward to continuing to support their future needs.
“The lettings evidence Tritax Big Box’s strategic advantage of being both a long-term investor and developer able to support clients’ growth ambitions with additional high quality logistics space in prime locations. Combined, the leases are a strong endorsement of the gathering momentum of Tritax Big Box’s lettings pipeline as we continue to focus on working with our clients to meet their long-term real estate objectives.”
Lindsay Haselhurst, chief operating officer at Currys, added: “Newark is the centre of our UK supply chain operations, supporting over £5bn of annual sales, and houses one of Europe’s largest technology repair centres. Extending our operations at Tritax Park Newark will enable continued growth of our omni-channel model and support further market share gains. We are pleased to strengthen our relationship with Tritax Big Box with these agreements and as one of the largest employers in the area, we are proud to extend our commitment to local economic growth and employment opportunities.”
Philip Hodgkinson, director at Simons Developments, said: “We’re delighted to have completed this high quality building and to see it fully let to Currys, who are expanding their operations at this location. It’s a clear demonstration of what our partnership with Tritax Big Box can deliver and we are excited about the potential of Phase 2. We’re proud to be playing a role in supporting long‑term investment and job creation across the region.”
Apex Real Estate Advisors, Colliers and JLL acted for Tritax Big Box REIT on the lettings.
