LaSalle Investment Management, the global real estate investment manager, today announced that it has let 36,100sq ft of retail space in Watling Road, Bletchley, Milton Keynes, to two supermarket chains, Aldi and Iceland.
Supermarket chain Aldi, has agreed a 20-year lease on 21,100sq ft of ground floor space at the Bletchley building. Iceland, the British chain best known for the sale of its frozen foods, will be trading one of their new Food Warehouse concepts and has signed a 10-year lease for the remainder of the ground floor comprising 15,000sq ft.
The deal follows the surrender of the unit by B&Q, after the company decided to consolidate its business into its central Milton Keynes warehouse. LaSalle has taken this opportunity to carry out refurbishment works to the building, including the subdivision of the unit and construction of two new entrance facades. Improvements have also been made to the common areas by the implementation of new pavements, extensive repairs to the car park and upgrading the lighting and landscaping.
The property is prominently located on the junction of Watling Street and Saxon Street in Bletchley, south of Milton Keynes. The area is well-linked by road, with immediate access to the M1, and is connected to London by a 30-minute train commute.
Ross Burns, associate director, LaSalle Investment Management, said: “This is an excellent leasing result, which clearly reflects the popularity of the property. The two tenants will benefit from a refreshed and enhanced site, in a growth area with excellent transport links to some of the UK’s largest cities. We are committed to providing a relevant retail offer for the local catchment and anticipate the deal will be a strong footfall driver.”