REI retail scheme is now fully let
Real Estate Investors has sealed a major retail deal in Walsall, with Luxury Leisure taking a prominent 9,500 sq ft unit.
The new 10-year lease on 9-11 Park Street, Walsall, is one of three new leases that REI has agreed, including 86 and 87 Bradford Street – part of the same scheme on the corner of Park Street and Bradford Street.
With Santander renewing its lease last December for a further five years, this means that this is a fully let scheme for the first time since REI purchased the property in November 2017.
Jack Sears, asset manager at REI, said: “This deal was a long time in the making, since July 2021. It was subject to us obtaining vacant possession from the previous occupier and Luxury Leisure being granted the necessary licences from the local authority.
“We are delighted to have agreed these three deals, and signed a new lease with Santander, given that retailing is Walsall at present and this really breathes some life into the local High Street marketplace.
“It also highlights the benefits of a well situated scheme at the prominent end of Park Street and Bradford Street.”
REI were advised by Scott Robinson at Creative Retail advised, and Donna Barnes at law firm SHMA acted for the Birmingham-based Real Estate Investment Trust.
Mr Robinson said: “We are absolutely delighted to have acted for Real Estate Investors plc and to have cemented the value of this asset by negotiating this letting to Luxury Leisure. Well done to everyone involved including the team at Luxury Leisure for persevering with planning and licensing.”
