Legal & General Property (“LGP”), advised by Strutt & Parker is pleased to announce that it has secured Cult Retail LLP (t/a Superdry), as a further anchor tenant at its prime Milton Keynes retail scheme, Midsummer Place.

The store, a combination of SU15 & SU16, was formerly occupied by West One and Bear Factory. It comprises 5,700 sq ft (530 sq m) on the ground floor and 3,200sqft (297 sq m) at first floor and will open for trade in April next year. Superdry has taken the space on a 10-year lease

Jones Lang Lasalle acted for Cult Retail.

In a further transaction, H&M, an existing retailer within the scheme, has upsized by over 20%, taking a further 4,600sqft (427 sq m) to provide a total store size of 26,700sqft (2,480 sq m). H&M took a new 11 year lease over the entire store they occupy and will be able to offer their full range Kids offer in the enlarged store.

Kitchen La Frenis Morgan acted for H&M

Situated within the ‘Fashionable Quarter’ of Milton Keynes’ retail offering, the scheme is fully occupied and attracts an annual footfall of over 16m. Designed to cater for the younger, more affluent section of Milton Keynes’ retail catchment, the centre is focussed on delivering high brand fashion within a first-rate shopping environment. Superdry joins a strong retail fashion line up, which includes Topshop, Hollister, Karen Millen, H&M, Hugo Boss, Zara, Gap, Schuh, Hobbs and New Look, and is supported by other leading brands such as Apple and Pret a Manger.

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Rob Williams, Partner in Strutt & Parker’s Retail Agency team comments:

“L&G has secured yet another key retailer for Midsummer Place, part of the success of which has been down to adhering to a strict tenant mix policy and creating a centre for the aspirational retailer, which appeals to the catchment demographics”

“We are particularly pleased that Superdry has chosen to locate a store at Midsummer Place and that H&M has shown confidence in the centre by taking additional space, both of which follow on from the opening of Hollister last month”

“Of particular note however is that rents within Midsummer Place have held up strongly through the recession - the last 3 new lettings to Cult, Hollister and Barclays have all been agreed at levels above £200ZA. This is testament to not deviating from the tenant mix aspirations, thus creating a product demanded by the retailers.

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