The Place Retail Park

Location
Milton Keynes

Size
66,514 sqft

Background

•The Place Retail Park comprises 66,514 of open A1 retail accommodation. Prior to Quadrant’s involvement the scheme had 24,606 sq ft of vacant space, with 6 months remaining on DSG’s lease.

•Since Quadrant’s appointment as asset managers, the lease renewal with DSG has been negotiated and completed (a new 10 year lease with a break in the 5th year) at a rent of £14 psf. The deal included an alteration to Starbucks’ drive thru lane away from Curry’s main store entrance.

•Pre-let with Aldi for 20,000 sq ft, at a rent of £350,000 per annum on a 15 year lease. To facilitate the letting, landlord works were required to merge the existing units and reconfigure the external areas to increase car parking. A deal was also completed to relocate American Golf to occupy 5,000 sq ft into a newly split unit at the same rent.

•In addition to the agreement on the drive thru lane alterations, terms were agreed with Starbucks on a 10 year reversionary lease commencing January 2029.

•Since Quadrant’s instruction, the NOI of the park increased by 33%. The property was sold in Q4 2021 with an improved WAULT of 10.8 years, for £20.4 million (5.37% NIY).