DTZ Investors completes 10-year letting to Rituals
DTZ Investors has completed a letting to Rituals; the Nordic cosmetics brand at 131 High Street Kensington, London.
Having negotiated a lease surrender with fashion retailer East, Rituals were signed up on a 10-year lease at a rent of £195,000 per annum. The store, extending to 1,500 sq ft, will become the UK flagship and is located in the prime retail block to the west of High Street Kensington Underground Station. The deal is the first open market letting concluded since the asset was acquired in March 2015 and has set a new headline rental tone for the parade of £262.50 per sq ft (ITZA).
David Peacock– Portfolio Manager at DTZ Investors commented “We are delighted with this letting, which follows a number of asset management initiatives including regearing existing leases with key occupiers and pursuing improvements of the residential element”.
DTZ Investors were advised by Colliers International.