Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, announces that it has completed its first pre-lettings, both on 15 year leases, at the new 15,000 sq ft development at Westhill Shopping Centre.
Home Bargains has agreed to take 10,000 sq ft and the Town and Country Veterinary Group is relocating its practice to an 826 sq ft unit within the development. There is good interest in the remaining 4,375 sq ft of space.
Orchard Street was granted planning consent by Aberdeen Council in March 2013 to significantly improve the retail provision through the development of a new 15,000 sq ft extension. Construction of the extension began in September 2014 with completion expected in Spring 2015.
The property is already a popular and well-established shopping centre located seven miles west of Aberdeen city centre. As part of the new development significant improvements will be made to the infrastructure and branding at the centre.
Michael Cecil, at Orchard Street, said:
“These two pre-lettings support our strategy to extend and improve the shopping centre. Having worked hard to successfully secure planning permission we look forward to delivering an improved retail offer and experience for our customers.”
Orchard Street was advised by CBRE. Home Bargains was advised by Biggart & Co and Bennett.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.