Shopping Centres

SGS reveals host of new lease deals

SGS has said the deals are a ‘testament to the unique strengths that these centres continue to offer retailers and leisure providers’

SGS, the property company that manages four UK retail and leisure destinations – Lakeside, Atria Watford, Braehead and Victoria Centre – has announced a string of lease renewals, extensions and new deals. 

One of the deals, will see Apple renew its lease on a 5,502 sq ft space at its Lakeside venue located in Grays, England. 

In addition, the tech company will also renew its lease on a 8,125 sq ft space at Atria Watford and extend its lease on a 5,700 sq ft store at Braehead, located in Renfrew, Scotland – both of these sites will also see fashion retailer River Island renew its lease. 

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The company also confirmed that its Lakeside venue will welcome Boom Battle Bar – a 14,779 sq ft adventure bar “filled with games and activities”. 

Braehead has also welcomed two new tenants. Pancake restaurant Stack and Still has signed a deal to lease a 3,900 sq ft space and furnishing company TDR Furniture, has taken on a 10,150 sq ft space which will open at its retail park. 

SGS has said the deals are a “testament to the unique strengths that these centres continue to offer retailers and leisure providers”. Occupancy across the four centres currently sits at 95%.

Steve Gray, head of European retail asset management at Global Mutual, asset manager for SGS said: “We are delighted to welcome a host of new and exciting brands across our centres, and to renew terms with a number of our high profile existing tenants – setting a positive tone for the year ahead.

“The news means we continue to make excellent progress against our three core strategic objectives – improving rent collection, securing our anchor tenants’ leases and adding exciting new footfall drivers to our centres.”

He added: “Despite the continued disruption brought by lockdowns, physical retail remains a central pillar of brands’ long-term strategies, key to driving sales online as well as in-store. We have seen continued interest in our space from prospective tenants and have a number of further exciting deals in the pipeline.”

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