Surbiton – New High Street Letting to Pret a Manger
AGL were instructed at the height of Covid to find a solution for a dilapidated and run down retail unit in a prime location on Surbiton High Street and opposite the station.
The building in it’s current configuration didn’t work for most occupiers so we engaged with the Landlord and architects to look to extend the unit and ensure it’s long term viability.
After a number of local and independent brands expressed an interest. Terms were agreed with Pret a Manger in the middle of 2021 and following works by the landlord to extend the property, Pret a Manger are now opening for trade and doing exceptionally well.
NEW LETTING TO PURE GYM
AGL were instructed by the long lease holder, Sainsburys, to find a solution to a 40,000 sq.ft. former Sainsburys now let to Iceland whose lease was coming to expiry and provide a solution to what could have been a huge income shortfall for the supermarket group.
Rather than go down the traditional retail route, AGL came up with a list of leisure occupiers and after three rounds of best bids, Pure Gym were confirmed as the new occupier - all this happened during Covid.
After a long period of dealing with Camden Council and trying to get the freeholders approvals in place, Pure Gym are now onsite and fitting out in what is to be their largest gym in a London suburbs and will be open in the summer of 2022.
New Lettings for
On behalf of Sainsbury's AGL have recently completed new lettings within their non-operational estate.
Poundstretcher have taken a new lease of the former 99p Store on All Hallows. The store opened in March 2022.
Following departure of Next, Sainsbury’s have re-let the 34,000 sq ft adjacent to their store to B&M, who will be opening for trading in May 2022.
Another Brew-tiful Acquisition
AGL advised a retained family office client on the acquisition of a prime drive thru investment in south east London.
The Starbucks in Belvedere was acquired off-market for £3.0m, reflecting a guaranteed reversionary yield of 4.8%.
The property is located in a prominent position at the entrance to Belvedere Park, a modern mixed-use development within 1/2 mile of Belvedere railway station. It is let to Starbucks for a further 11.2 years with RPI rental increases.
AGL have successfully documented another 3 rent reviews on behalf of client Christie’s, on galleries at 43 and 44 Duke Street and 5 Ryder Street, St James’s. The review dates were all effective throughout the Covid period and rents
agreed maintain the pre-Covid tone at circa £160.00 per sq ft Zone A
NEW OUTDOOR REQUIREMENT
Padel is the Fastest Growing Sport in the UK and PadelStars have Immediate Funding for Expansion
PadelStars will build the courts and pay base rent and/or turnover to landowner
Minimum 4-8 courts / 0.25 - 0.5 acres
Minimum lease term 15 years or long leasehold / freehold opportunities considered
Adjacent existing sports / leisure facilities eg. sports clubs, golf driving ranges, retail / leisure parks
Opportunities sought in Greater London, Home Counties and South East
All Enquires to AGL, Daniel.Berrevoets@agl-london.co.uk