HUT completes Â£80 million investment programme
Hercules Unit Trust, the specialist retail park fund advised by British Land and managed by Schroders, has just completed an Â£80 million investment programme.
HUT has extended its retail and leisure space across four of its assets by almost 300,000 square feet and created more than a thousand new retail jobs.
The investment programme has included a £33 million retail extension at HUT’s flagship Glasgow Fort Shopping Park which saw the opening of an 80,000 square foot Marks & Spencer store. With the size of the park now over 700,000 square feet, footfall increased by over 15% in the first two weeks of the store’s opening compared to the same period last year.
The remaining 32,000 square feet of new retail space has included Fat Face taking a lease for a 6,000 square foot unit and Wagamama signing for a 4,000 square foot space. In addition, three further units are under offer.
Earlier in the year, HUT completed extensions at three other shopping parks including 64,000 square feet of new retail space at Deepdale Shopping Park in Preston, a leisure extension of 57,000 square feet at Fort Kinnaird in Edinburgh and 54,000 square feet at Broughton Shopping Park in Chester.
Ben Grose, head of retail assets (Scotland and the North) at British Land, said: “The extensions at Glasgow, Edinburgh, Chester and Preston are further examples of HUT investing in its assets to create locally preferred places where we can add value. The M&S anchor store at Glasgow Fort enables the scheme to cater for an even broader range of consumer journeys and Fat Face and Wagamama are also strong additions to the brand line up.”
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