Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed its first pre-let to Next Outlet at the new 15,000 sq ft Phase III development of Gretna Gateway Outlet Village in Dumfries and Galloway, Scotland.
Next Outlet has taken 11,000 sq ft, which includes 4,000 sq ft of mezzanine space, on a 10 year lease. Construction of Phase III began in mid-October 2014 and completion is expected in Summer 2015. There is strong interest in the remaining 8,000 sq ft of space, which is able to be let on a flexible basis to suit individual retailer’s requirements.
Gretna Gateway Outlet Villageis already a well-established 130,000 sq ft retail park ideally located adjacent to the M6 and M74 motorways. With a strong tenant line-up including Nike Factory Store, Gap Outlet, M&S Outlet, Clarks Outlet, Molton Brown and Berghaus, Phase III will continue to add to the attraction of the retail park encouraging increased footfall.
Andrew Jenkins, Asset Manager at Orchard Street, said:
“The decision by Next Outlet to take an anchor unit is a fantastic endorsement of the scheme and our strategy to extend and improve it further. The development of Phase III marks another significant milestone in Gretna Gateway’s growth and we look forward to providing its customers with an enhanced shopping experience supported by a growing variety of destination retailers.”
Orchard Street was advised by Charles Dring at CHD Property Consultants.
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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.