Standard Life get the benefit of re-gears
Updated: Mar 20, 2019
Acting on behalf of Standard Life, Pudney Shuttleworth have negotiated re-geared leases on two of their retail park investments.
Halfords and Maplin are tenants of Standard Life at Valley Road, Forster Square, Bradford, occupying around 10,200 sq ft and 3,500 sq ft respectively. Both tenants ended up surrendering their leases with around 4 years unexpired term and simultaneously taking new 10 year leases.
Smyths Toys are a tenant of Standard Life at Middle Engine Lane, North Shields and occupy some 16,400 sq ft. Smyths Toys agreed to a surrender of their lease, with around 5 years unexpired term and simultaneously taking a new 20 year lease.
Pudney Shuttleworth acted for Standard Life on all transactions. Halfords were not represented, Robert Bebington & Co acted for Maplin and Thompson Heaney acted for Smyths Toys.