May 28, 2012
Redevco United Kingdom secures two new deals following multimillion pound renovation of aspirational Scottish shopping centre.
Redevco is to boost its casual dining offer in Princes Square with the introduction of Pizza Express, who will open in the Glasgow centre early next month. The move follows the completion of the € 9.3 million( £7.5 million) refurbishment of Princes Square, which is off Buchanan Street. Pizza Express will open a new restaurant in the courtyard of Princes Square in June. It has signed a 25 year lease for the scheme and will pay a commencing rent of approx. € 125,000 per annum (£100,000).
Meanwhile Jo Malone, which was already a tenant within Princes Square, has extended its lease by a further 10 years at a rent of approx. € 124,000 per annum (£99,750).
Andrew Foulds, Portfolio Director at Redevco, said: “We are very excited to introduce Pizza Express into one of the two casual dining floors in Princes Square. Pizza Express are a proven footfall generator with a strong appeal across the demographic spectrum.
Jo Malone have been an important retail brand within the scheme for several years and their reiterated long term commitment to Princes square underlines the premium retail credentials of the centre.”
Cushman & Wakefield ad CWM advised Redevco. Pizza Express was unrepresented while Jo Malone was advised by Lambert Smith Hampton.