Two retailers have been confirmed for the extension currently underway to the Essex-based Lakeside Retail Park, it has been confirmed today.
Furnishing company CSL will take 14,000 sq ft of space at the store and upmarket baby & mother products retailer Mamas & Papas will open a new 5,000 sq ft unit on the site.
These lettings will fill the majority of the 25,000 sq ft extension which Land Securities, the owner of Lakeside, has just began work on.
Hermione Mackrill, Portfolio Director for Land Securities, said: “In a challenging retail environment, the expansion of Lakeside Retail Park demonstrates continued retailer interest in the scheme and reinforces its position as one of the largest and most successful retail parks in the UK.”
Both deals are for leases of at least ten years and for rents in excess of £30 per sq ft.
Construction work began last on the three new units at the site, with one remaining available, and all are due to be completed by the middle of 2012.
Land Securities claims that the remaining 6,000 sq ft vacancy is attracting interest and should be filled soon.
In a commercial property market which remains stubbornly slow, Land Securities has invested significant amounts in retail properties, with around £275 million of new small builds confirmed by the company last month.