| | UK Commercial Property Trust has signed a new 15 year lease with existing tenant Next after reconfiguring its unit at Kew Retail Park.
As part of the new lease, UKCPT worked in partnership with Next to carry out a major store refit, including the installation of a full mezzanine floor to increase retailing space from 10,034 sq ft to 16,858 sq ft. It has also introduced a 1,500 sq ft Costa Coffee concession. Income from the unit will increase from £378,783 to £468,784 per annum.
David Rodger, portfolio manager at Ignis Asset Management , which advised UKCPT, said: "The regearing of the lease with Next and the introduction of Costa Coffee to Kew Retail Park are good examples of the kind of hands on asset management that we are constantly applying to our portfolio to maximise income and generate value.
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