key letting on flagship street

Waterstones deal confirms Princes St status

waterstonesWaterstones has renewed the lease on its Princes Street, Edinburgh property in a deal hailed by the agent as a further sign of the flagship street’s popularity.

The book chain has agreed a ten year extension at a rental of £550,000 per annum from June 2017.  The five-storey store over 18,000 sq ft has been upgraded and re-fitted as part of the deal. 

Callum Mortimer, director in CBRE’s Retail team, said:  “Demand from occupiers for space on Princes Street remains high. 

“Availability is as low as I can remember and as a result of competitive tension we were able to secure strong financial terms on behalf of the landlord.  Waterstones is a fantastic occupier for the building and has made a great job of its new shop fit-out.”

Tim Russell, fund manager at L&G, added: “This letting is further evidence of a continued confidence by retailers in the economic outlook and the resilience of the occupier market, particularly in high-quality destinations with strong catchments such as Princes Street.”

CBRE represented the landlord L&G whilst Waterstones was represented by Jackson Criss.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.