C&W let prime retail property to Nike and subsequently sold investment
BAM Properties purchased the property, which comprised a former department store let to Menzies plc that had been sub divided into 2 retail units (sub-let to ELC and Dorothy Perkins). The landlord negotiated a surrender of the long lease with the existing tenant in order to secure vacant possession and a subsequent redevelopment to create a single flagship store and upper floor conversion to offices. C&W provided advice on the re-letting options for the proposed 28,661 sq ft store.
Due to the nature of the property and its location in one of the strongest retailing pitches in the UK, BAM required a targeted marketing approach to specific international retailers who would consider representation in this location. C&W were able to offer this due to our global platform and successfully generated a number of interested parties, including the final successful party.
Secured new 15 year FRI lease to Nike (with tenant break option after Year 10) at a rent of £1.3 million pa. C&W then subsequently sold the investment on behalf of BAM Properties Limited for a yield of 5%.