Retail and leisure developer and asset manager Sovereign Land, has announced a quartet of additions to the occupier line-up at Willow Place and Corby Town Shopping, which was acquired in March 2015 in a joint venture with Europa Capital.
The first new retailer to take up space within the dominant in-town shopping centre and retail warehouse park will be Pep & Co., which has signed a two year lease agreement for a 6,700 sq ft unit at 20 Willow Place. Having attracted a great deal of attention as the UK’s new fashion clothing entrant, the retailer is currently fitting out the unit and expects to open to the public on the 15th of this month.
Pep & Co. will be joined by another fashion retailer Goddards, which will take up the 2,500 sq ft unit 7B at Willow Place on ten year lease at a yearly rent of £52,000.
Yet it is not only fashion retailers that are determined to make a splash in Corby, as Sovereign Land has also secured leases with two food and drink brands for high profile units on Corporation Street in the town centre.
Regional ice cream and waffle retailer Italgaleto will occupy 1,570 sq ft at 34 Corporation Street, paying a yearly rent of £45,000 over a five year period, and world buffet brand Vaagabons has taken up 2,500 sq ft at 3-5 Corporation Street with a ten year lease reflecting a yearly rent of £25,000.
Simon Phipps, Leasing Development and Asset Management Surveyor at Sovereign Land, believes the latest lettings will help the firm achieve their goals within the rapidly expanding Northamptonshire town.
He says: “We are very pleased to have secured these new lettings which are part of our wider plans to provide greater diversity to Willow Place & Corby Town Shopping’s tenant mix.
“Corby is one of the fastest growing towns in England with more than 28,000 new homes being built by 2020, which provides us with an excellent opportunity to expand and enhance the retail, restaurant and leisure provision for this growing town.”
Sovereign Land is seeking to increase its presence in regional areas of the UK whilst actively pursuing asset management techniques to lift the rental value of its portfolio. Corby is one of its key target areas as, along with Willow Place and Corby Town Shopping, the firm is also currently working on plans to deliver the next phase of retail development in the area. This concerns the south east corner of the town, which acts as a major gateway entrance to the town centre and will play an important role in the current residential development pipeline with 4,000 homes currently under construction.
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