Wagamama and Turtle Bay sign 15-year leases at The Brewery
The new lettings, and lease extension with Cosmo, come after SCREF announced in May the completion of 121,000 sq ft of new retail and food and beverage (F&B) lettings across its retail warehousing assets across the East of England
Restaurant brands Wagamama and Turtle Bay have secured lettings at The Brewery in Romford, Essex, through a recently-acquired prime supermarket anchored, retail warehouse and leisure scheme by Schroders Capital UK Real Estate Fund (SCREF).
Wagamama will move into a 3,478 sq ft unit in the shopping centre on a 15-year lease, with the Japanese chain set to open its first Romford outlet later this year.
Meanwhile, Turtle Bay, the Caribbean restaurant and bar chain, will occupy a 3,773 sq ft unit also on a 15-year lease and is set to be open in the coming weeks.
Additionally, existing tenant Cosmo, the all-you-can-eat buffet restaurant, has signed a seven-year lease extension for its 8,298 sq ft unit.
The Brewery is a 21-acre site with 545,478 sq ft of retail and leisure space. It is currently home to brands such as Sainsbury’s, Nuffield Health, The Range, Boots, Pure Gym, and a 16-screen Vue Cinema, as well as other F&B outlets such as McDonalds, Zizzi, Nando’s, Frankie & Benny’s and TGI Fridays.
The deals take The Brewery to 98% let by Estimated Rental Value, following SCREF’s £162m acquisition of the scheme in January.
The new lettings, and lease extension with Cosmo, come after SCREF announced in May the completion of 121,000 sq ft of new retail and food and beverage (F&B) lettings across its retail warehousing assets across the East of England.
The Brewery also benefits from 1,750 car parking spaces and its proximity to Romford railway station, which is served by National Rail and the new Elizabeth Line.
The Brewery also has plans to install better signage, improve the roofs, increase the number of electric vehicle charging points, add solar panels, and introduce better contactless payment for parking.
Tom Woolven, asset manager at Schroders Capital, said: “In recent months, we have been delighted to announce 120,000 sq ft of new F&B and retail lettings across our portfolio.
“It is testament to our partnership approach with tenants that gives us a strategic insight into how best to mould our assets to provide the physical real estate modern occupiers need to improve their trading performance and tackle the challenges brought about by the pandemic and online shopping.”
SCREF was supported by its retail leasing partners at Curson Sowerby Partners, Starka Property and McMullen Real Estate.
