May 21, 2014
Rockspring Property Investment Managers and The Other Retail Group, advised by Kitchen La Frenais Morgan (KLM) and Hughes Ellard, have agreed terms with Peacocks and Poundworld for a split of the former Matalan unit at The Marlands in Southampton.
The deal for 7,060 sq ft and 8,381 sq ft stores respectively brings Peacocks back into Southampton this Summer and is part of repositioning plans at the shopping centre to provide the best affordable fashion offer in the city.
Both retailers have signed ten-year leases. Zone A rents in the centre are now £70 per sq ft.
Other retailers who have signed up recently include Blue Inc, Yours Clothing, Roman Originals, Carte Blanche and Route One while there is interest from food and beverage operators in the first and second floors of the centre.
Rockspring acquired The Marlands, located on Civic Centre Road in Southampton in 2010 and appointed The Other Retail Group as asset managers.
John Wood of The Other Retail Group comments: “Peacocks and Poundworld are two extremely successful but affordable brands and there is a pent up demand from customers in Southampton for this particular offer. We have a further space in negotiations and are confident that we are blending the right tenant mix for the centre.”
KLM and Hughes Ellard advised Rockspring. Peacocks represented themselves and Poundworld were advised by Francis & Co.