Aldi agree a 20 year lease for Tunbridge Wells outlet
19th June 2019
GERMAN supermarket chain Aldi has agreed a 20-year lease on their new Tunbridge Wells outlet, which is planned for a November launch.
As revealed by the Times in April, the budget grocer is opening a new store on the site of the former Toys R Us superstore at the Great Lodge Retail Park in Longfield Road.
The company had been looking for a location in Tunbridge Wells for some time, with plans to open a branch off Eridge Road, near to supermarket rival Sainsbury’s, but this was scuppered by planning issues.
It finally settled on the Longfield Road site and details of the deal have just emerged.
Brokered by Commercial Property REIT (UKCM), which is managed and advised by Aberdeen Standard Investments, the supermarket chain agreed a 20-year lease on the space formerly occupied by Toys R Us, demonstrating a long-term commitment to Tunbridge Wells.
The 27,000 sq ft former toy outlet is a part-surrender of B&Q’s lease at Great Lodge Retail Park, who have re-let the space to Aldi on a long index-linked lease. B&Q will continue to occupy the remaining 80,400 sq ft with nine years remaining under the existing rental terms.
UKCM say the letting increases the diversity of income from the Park, whilst ensuring that B&Q has an optimal unit for its space requirements.
Will Fulton, Lead Manager of UKCM at Aberdeen Standard Investments, said: “This letting demonstrates the demand for well-located retail space and is a major achievement for Great Lodge Retail Park following the departure of Toys R Us.
“Aldi is a great brand and a high quality tenant that will further diversify income, extend the secure lease term, and reinvigorate the asset with a benefit to all our tenants with an expected boost to footfall.”