NewRiver boosted by new leases at Regent Court
RETAIL REIT NewRiver has said its shopping centre in Leamington Spa continues to be one of the best performing in its portfolio.
Regent Court was one of five sites in the portfolio to trade between 10 to 25% ahead of expectations during the fourth quarter. The other sites were Newtownabbey, Hastings, Newton Mearns and Fareham.
NewRiver said its strategy to re-position Regent Court as the town’s principal food leisure destination was now well advanced.
It said the strategy had been boosted by three new lettings, with lease terms ranging from five to 20 years. These will generate a combined new rental income of £132,000 per annum.
The landmark new lease has been agreed with upmarket French restaurant chain Cote, which signed a new 20-year lease on a 3,500 sq ft unit generating a rental income of £85,000.
NewRiver said refurbishment work to upgrade the common parts of the centre including re-painting, improved signage and new branding was due to begin this spring.
Overall, the company said Q4 commercialisation income had performed 11% ahead of forecast, accounting for the anticipated post-Christmas dip. The final figure was £459,490 (December 2014: £511,042).
