The Company has completed two lease renewals with DSG Retail Limited, t/a Currys, securing £464,094 of income per annum.
At Clwyd Retail Park in Rhyl, Currys has signed a five-year lease extension on its 10,020 sq. ft. unit. The lease was due to end in March 2020 but will now expire in 2025. This lease extension follows recent lease restructures completed on the park with Pets at Home and B&Q plc.
In addition, at Plas Coch Retail Park in Wrexham, Currys has agreed to restructure its lease to give a 10-year term certain. The lease on the 22,182 sq. ft. unit was due to expire in June 2022 but Currys has signed a lease which will keep it on the park until 2029.
These transactions underscore the tenant’s commitment to the retail parks and prove that there is still demand for physical retailing if the assets are well-located and let off affordable rents.