In-Town: Salisbury – Old George Mall
Salisbury – Old George Mall
Client: Arcadia Group
Instruction: Shop acquisition
We introduced the availability of a shop unit in Old George Mall, Salisbury to Arcadia Group Limited. We knew that they had a requirement for their Topshop/Topman fascia. Initially we introduced a single unit that was available but the premises were not large enough. Through discussions with the landlord we were able to encourage them to secure possession of the adjacent unit, thus providing Arcadia with suitable accommodation.
The premises occupy a prime location close to Marks & Spencer, New Look and JD Sports and the accommodation comprises 6,450 sq ft on ground floor and 1,500 sq ft at first floor. Negotiations were completed with the landlord’s agent and Heads of Terms agreed on the basis of a new 10 year lease, subject to rent review at the 5th anniversary of the term, at a rent of £360,000pa. We liaised with Arcadia’s solicitor throughout the lease negotiations.
We were successful in negotiating favourable terms for our client, including a capital contribution and extended rent free period.