Aberdeen Property Investors secures record lease with New Look at Lion Yard
26th January 2009
Aberdeen Property Investors confirms they have secured a record deal with retail fashion giant, New Look, at Lion Yard Shopping Centre in Cambridge.
New Look have signed an agreement to lease for a new 23,000 sq ft store to be built by the landlord and traded over 1st and 2nd floor levels above the existing scheme at a rent of £650,000 pa for a new 15 year.
This is a progressive step for Lion Yard following the opening of Grand Arcade earlier in the year and a redevelopment project which will reinforce the centre’s position as the main retail hub in Cambridge city centre. The new store will stock the full fashion range for women, men, children and teens as well as specialist ranges including shoe and lingerie departments.
Simon Andrews from Aberdeen Property Investors commented: “We are delighted to have been able create a fantastic new store for New Look which enables them to upsize from their current store and display a full range offer. This deal has been a long while in the making and brings into commercial use a difficult land locked site known as Heidelberg Gardens and involved key stepping stone agreements with the County Library and City Council. This result is a testament to everyone’s perseverance in difficult market conditions to unlock such an opportunity right in the heart of the City Centre. This is a vote of confidence in Cambridge as a town which continues to buck national trends with healthy retailer trading.”
New Look will surrender their existing store once the new one opens creating an exiting opportunity for a further new letting for a prime site on Petty Cury at the main entrance to Lion Yard. Handover of the new store to New Look is due in the autumn in time for a Christmas 2009 launch to the public.
Smith Price and Lunson Mitchenall acted for Aberdeen Property Investors and New Look were advised by CBRE.
Lion Yard has also signed new deals this year with Clarks, Miss Selfridge, Madame Butterfly & Pia jewellery to complement the strong line up of national retailers.
Aberdeen Property Investors is the dedicated property investment division of Aberdeen Asset Management PLC, a global investment management group which manages around €140 billion of assets in equities, fixed income and property. The group manages over €30 billion of property assets in Europe, Asia and North America through property funds and separate account mandates, making it one of the top 10 global property investment managers.