Press Release – £1 Million Retail Letting Success
Against a backdrop of what is an undoubtedly very difficult time for UK retailers, 90 North is delighted to announce that it has closed new or extended leases worth £1 million in annual rent.
These leases have been concluded over the last three months across our Canterbury, Kidderminster and Sheffield properties, and with tenants that have included Dreams, Oak Furnitureland and Sports Direct. They also build on letting successes earlier in 2020 with tenants such as Poundstretcher, Currys PC World and Mountain Warehouse.
90 North’s Senior Asset Manager, Quentin Warner-Smith commented: “We have maintained the closest of relationships with all our existing and prospective retail tenants since the pandemic began, working with them to absorb what pressure as landlord we can and to provide financial flexibility where necessary. Such positive engagement has encouraged constructive discussions with respect to new lease commitments, culminating in these letting successes.”
Founder and Managing Partner, Philip Churchill added: “I am delighted with the success of both our asset management and finance teams during this toughest of times, not only in working closely with our retail tenants, but also securing these new lease commitments, most of which are 10 year commitments. This demonstrates that there remains a future for bricks-and-mortar retail in the UK, with retailers embracing the internet revolution and providing the destination and convenience that consumers demand.”