Clearbell completes asset management at Octagon Retail Park, Stoke
- 10,000 sq ft let to Natuzzi Italia on 10-year lease
- AHF 5-year lease re-gear completed
- DFS refurbishments and planning consent for new retail unit approved
Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces a letting and further asset management initiatives at Octagon Retail Park in Stoke-on-Trent, Staffordshire, which is now fully let.
The retail warehouse park is located within the prime core of Stoke-on-Trent’s out of town shopping provision.
Natuzzi Editions, an Italian furniture retailer, has completed on the letting of 10,000 sq ft of retail space on a 10-year lease.
In addition, existing tenant AHF, the furniture and floorings store, has completed a lease re-gear on 8,000 sq ft, extending the tenant’s lease to a 10-year term.
In line with the asset management strategy, internal and external refurbishments will also be completed to a unit occupied by DFS, the sofa and furnishing retailing chain, to improve the park layout. A new 5,000 sq ft retail building will also be constructed adjacent to the DFS building, subject to a securing a new tenant.
The fund acquired Octagon Retail Park in 2018, with plans to let space to furniture and homeware retailers at the site. In addition to planned works on the buildings, the fund has also recently installed LED lighting throughout the car park and common areas of the estate to reduce energy consumption.
Adam James, Senior Asset Manager at Clearbell Capital, said:
“Commitments from these strong growth businesses to Octagon Retail Park and to Stoke helps reiterate the park’s reputation as the leading furniture destination in the region.
Now the site is fully let, in line with the business plan, we aim to deliver further improvements for our tenants, including estate improvements and the construction of the new retail unit.”
Clearbell was advised by Edgerley Simpson Howe and Stockford Anderson.