LaSalle Investment Management (“LaSalle”) today announces that it has completed a new letting with Asda in Mitcham, Greater London on behalf of one of its clients.

LaSalle has signed a 15 year lease with Asda, one of Britain’s leading retailers, which is located in the retail warehouse on Western Road, Mitcham. The unit consists of 27,000 square feet and includes 110 car parks.

Currently, the property is being let to Smyths Toys (formerly B&Q), who have agreed to vacate the unit in February 2012, at which time the contractors will be able to commence works. The redevelopment involves removing and replacing the building’s cladding, relocating and creating a feature entrance and resealing the customer car park. Asda’s store is expected to open in Autumn 2012.

Shaun Reed at LaSalle Investment Management said: “Despite challenging economic times we are pleased to have negotiated a lease for the 27,000 square feet retail warehouse in Mitcham to Asda. This deal demonstrates not only our ability to source highly attractive real estate but also to find long term tenants who will generate value for our clients.”

Tim Edwards, of Morgan Williams, represented the Landlord and brokered the letting with Asda.