Aberdeen Property Investors is claiming a record rent for the Whitgift shopping centre in Croydon, South London, following deals with existing occupiers Sainsbury's and MMO2.
Sainsbury's has reconfigured its existing store in the centre and has signed a new 25-year lease on a 2,115 sq m unit at a rent of£235 per sq m. In addition, Sainsbury's is paying a premium of£650,000 to secure the site, making it a record overall rent for a large unit.
By reconfiguring its unit, Sainsbury's has released 1,700 sq m, which will form part of Phase 4 of the Whitgift's refurbishment. The scheme will add a further 1,000 sq m to the shopping centre.
At the same time, MMO2 has relocated from Unit 20 to Unit 23, taking a 15-year lease at a rent of£250 Zone A, with a three-month rent-free period. This is a record rent for a standard unit.
API director James Salmon said, 'These transactions show that Whitgift retains its position as Croydon's prime shopping centre.' Lunson Mitchenall acted for Aberdeen Property Investors, Grant & Partners acted for Sainsbury's and Colliers CRE for MMO2.