RETAIL and leisure specialist commercial property agent Patrick Punch & Co has secured a 15-year lease with bed specialist Dreams at a Milton Keynes retail park.
The Dreams deal, to take 13,000 sq-ft of the 25,000 sq-ft new building, was completed in April after only a couple of weeks. They relocated from nearby
Agency owner Patrick Punch claims the development is the biggest new build retail unit Central Milton Keynes has seen in 20 years.
The development comprises phase II of the Routeco Retail Park in Winterhill and adjoins the existing phase let to PC World and Multi York among others.
The Phase II extension has an approximate gross development value in the region of £7million, according to the agency.
Patrick Punch & Co, which itself moved within Milton Keynes, from Midsummer Boulevard to new offices at Manor Farm Court, Old Wolverton Road, had originally bought the land just over a year ago on a speculative basis.
There was no tenant interest at that stage but Patrick Punch & Co identified two national retailers.
The Phase II development was constructed by Winvic and designed by Bedford-based Woods Hardwick.
The superstore unit is understood to be one of a handful in the UK this year to achieve the very latest UK leading Environmental Assessment Measure of Excellence standard.
Patrick Punch said: “The superstore was marketed by us at £25 per sq-ft and terms were agreed on the whole unit within weeks for a new 15-year lease without break with Dreams, following competition with another well-known national homewares retailer.”
The remaining 11,000 sq-ft of ground floor space is available to let through Patrick Punch & Co at £27.50 per sq-ft as two new units.
The development means that Winterhill packs significant punch itself as a retail venue for out of town furniture, household goods and homewares.