key letting on flagship street
Waterstones deal confirms Princes St status
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.