UKCPT secures 8,000 sq ft letting to Sportsdirect Ltd at No. 190-192 High Street Kensington, London

12 October 2012

A flagship store will be created as part of contract

UK Commercial Property Trust Limited, advised by Ignis Asset Management, announces that it has signed a 10 year lease with new tenant Sportsdirect Ltd at No. 190-192 High Street Kensington, London improving income from the previous occupier's lease by £24,000 per annum to £440,000 per annum. There is a rent review after five years and, as part of the new lease, UKCPT worked with Sportsdirect to ensure that the unit is fitted out to a high standard.

UKCPT's ownership at High Street Kensington comprises a 57,000 sq ft block of prime retail accommodation let to Virgin Travel, Trailfinders, Snow and Rock, Evans, Kuoni & Ellis Brigham. The Sportsdirect is the leading sports retailer in the UK. In April this year the Group operated out of 395 stores in the United Kingdom (excluding Northern Ireland) mainly under the SPORTSDIRECT.com and Field & Trek fascias. Sportsdirect have recently announced that they are under offer to take another 20 stores from the failed JJB chain.

Briant Champion Long acted for Ignis Asset Management in the transaction.

David Rodger, Portfolio Manager at Ignis Asset Management commented: "The introduction of Sportsdirect to 190-192 High Street Kensington is great news for UKCPT. We have replaced a tenant that had entered administration with an excellent occupier in Sportsdirect on a 10 year lease at a strong level of rent. The deal reflects the prime nature of the property and the occupier demand for the space. It is also a clear example of the ongoing active asset management work that is being undertaken by the Ignis team."

Paul Souber of Briant Champion Long commented: "This stretch of Kensington High Street is renowned in West London as the a hub for outward bound, extreme sports and specialist travel operators, with occupiers including, Columbia Sportswear, Snow + Rock, Ellis Brigham, Cycle Surgery, Rohan, Mountain Warehouse, Trailfinders, Kuoni and Virgin Travel. These brands have made this part of the high street a real destination. Although Blacks' recent corporate difficulties has meant they've have had to exit the street, the unique nature of this block and its specialist retailer mix has meant that the store was immediately re-let to arguably the UK's most successful sports retailer."