Newspaper article The Journal (Newcastle, England)

Record Rent Agreed on Select Store Site

Newspaper article The Journal (Newcastle, England)

Record Rent Agreed on Select Store Site

Article excerpt

Byline: By Nigel Stirling

A letting in a prime location in South Shields has set a record for retail rents in the South Tyneside town.

The former River Island store on King Street, which has been vacant for the best part of a year while refurbishment works were completed, has been let to ladies fashion store Select on a 15-year lease.

Ian Thurlbeck, associate retail director at Sanderson Weatherall in Newcastle, letting agent for the shop's London-based owner, said: "Select are in the town but on a more secondary location on King Street. They wanted a larger shop in a more prominent town centre location."

The new tenant agreed to pay a Zone A rental of approaching pounds 80 per sqft on the 6,000sqft, multi-level property.

The rent is a record for a South Shields town centre retail property, and follows rent reviews two years ago at the re-developed former Binns department store block at Zone A pounds 75 per sqft.

It also follows the completion a year ago of a 100,000sqft scheme on King Street by Sheffield developer Henry Boot, which is now fully let with a tenant line-up including Next, Bhs, River Island and Debenhams. …

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