Orchard Street signs GAP for anchor store at Gretna

Orchard Street Investment Management, a leading UK specialist commercial property investment manager, has concluded a lease to Gap who will open a new store at Gretna Gateway, its 125,000 sq ft Outlet Centre on the M6 at Gretna, in the Scottish Borders.

Leading international retailer Gap, who plan to open their store in November 2009, will take a newly created unit of approximately 6,000 sq ft located in the centre of the scheme on a new ten year lease. The letting to Gap adds a further anchor store to the  line up at Gretna which already includes Marks & Spencer, who have recently signed a new ten year lease for an enlarged unit.

Acknowledging the high level of retailer demand at the scheme, Orchard Street are seeking to extend the centre and have submitted a detailed planning application for a new 15,000 sq ft Phase III development to adjoin the current Phase I section of the scheme. The prominently located units will offer space varying from 1,000 sq ft to 5,000 sq ft and will add to the already diverse retail environment.

Letting agents for the project are CHD Property. Phillip Rodger, Head of Asset Management at Orchard Street, said:

“We are delighted that retailers of the calibre of Gap and Marks & Spencer have chosen to endorse the trading potential of Gretna Gateway by signing for the long term. We are attracting other high profile fashion brands and investing heavily in re-branding the centre. Our plans for Phase III will improve the retail environment and will enlarge the space available for occupiers. We look forward to reporting on further progress in due course.”