Aberdeen Standard Investments (ASI) has secured Lidl and The Gym Group to take space at their prime retail park in Cambridge.
Highly successful food store operator Lidl has agreed a pre let of new space being created through downsizing the Homebase unit. The national DIY chain have downsized to approx. 40,000 sq ft alongside a refurbished garden centre, which remained trading throughout the construction works. This asset management initiative has enabled a new 20,000 sq ft unit to be created for Lidl who’ve taken a 25 year lease and are currently fitting out. They are due to open early in the New Year.
Planning approval has also been obtained for budget fitness company The Gym Group to trade in a unit being constructed to the front of Homebase’s former garden centre, which has been consolidated as part of their downsize works. The Gym Group are taking 7,500 sq ft with full mezzanine cover on a new 15 year lease, which will be completed by Autumn 2020.
David Stewart, Fund Manager, Aberdeen Standard Investments, said: “It’s been a significant achievement to deliver this initiative - to secure a national food store, gym chain and right-size our anchor tenant on long lease terms. This shows the appeal of the city of Cambridge as a location and of Cambridge Retail Park as both a shopping and leisure destination for our catchment. “
Edgerley Simpson Howe and Savills acted for Aberdeen Standard Investments. Harvey Spack Field advised Homebase. Rapleys advised Lidl. The Gym Group were unrepresented.
0131 372 1821
Notes to editors
For Professional Investors only
The value of investments, and the income from them, can go down as well as up and you may get back less than the amount invested. Past performance is not a guide to future results. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. We recommend that you seek financial advice prior to making an investment decision.
The details contained here are for information purposes only and should not be considered as an offer, investment recommendation, or solicitation to deal in any investments or funds and does not constitute investment research, investment recommendation or investment advice in any jurisdiction. Any research or analysis used to derive, or in relation to, the above information has been procured by us for our own use, without taking into account the investment objectives, financial situation or particular needs of any specific investor, and may have been acted on for own purpose. No warranty is given as to the accuracy, adequacy or completeness of the information contained in this communication and no liability for errors or omissions in such information. Readers must make assessments to the relevance, accuracy and adequacies of the information contained in this communication and make independent investigations, as they may consider necessary or appropriate for the purpose of such assessments. Any opinion or estimate contained in this communication, are made on a general basis. No information contained herein constitutes investment, tax, legal or any other advice, or an invitation to apply for securities in any jurisdiction where such an offer or invitation is unlawful, or in which the person making such an offer is not qualified to do so.
United Kingdom issued by Aberdeen Asset Managers Limited. Authorised and regulated by the Financial Conduct Authority in the United Kingdom. Registered Office: 10 Queen’s Terrace, Aberdeen AB10 1XL. Registered in Scotland No. 108419.
Standard Life Investments companies: Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Standard Life Investments Limited is authorised and regulated in the UK by the Financial Conduct Authority.
Copyright © abrdn plc 2023. All rights reserved.
abrdn plc is registered in Scotland (SC286832) at 1 George Street, Edinburgh, EH2 2LL