FHP SECURE NEW TENANT ON BRIDLESMITH GATE, NOTTINGHAM

Retail News

Acting on behalf of Barclays Life Assurance Company, FHP have secured yet another exciting new tenant on Bridlesmith Gate in Nottingham.

Comptoir des Cotonniers, a French fashion retailer, have taken a new 15 year lease at a rent of £127,500 per annum in respect of 52 Bridlesmith Gate.

Ben Tebbutt, partner at Fisher Hargreaves Proctor commented “52 Bridlesmith Gate was formerly let to Oxfam who were paying a rent of £88,000 per annum and had approximately 6 years remaining on their lease.  In order to increase the landlord’s capital value a surrender of Oxfam’s lease was agreed in return for a surrender premium of £87,500.  This allowed the property to be re-let to Comptoir des Cotonniers at a higher rent increasing the landlord’s capital value by over £500,000.”

Comptoir des Cotonniers was set up in 1995 with the opening of their first store in Paris.  By 2007, the chain was operating from 278 stores, 219 in France and further stores in Spain, Belgium, Luxemburg, Germany, Japan and Korea.  There are now over a dozen stores in the UK including London, Bath, Cambridge, Cheltenham, Leeds and now of course Nottingham.

Kitchen La Frenais Morgan acted on behalf of Comptoir des Cotonniers and Picton Jones acted on behalf of Oxfam.