LaSalle Investment Management : News - LaSalle and RREEF sign five lettings at Castle Marina Retail Park in Nottingham

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LaSalle and RREEF sign five lettings at Castle Marina Retail Park in Nottingham

New lease allows Costa Coffee to open first drive-thru store

LaSalle Investment Management (“LaSalle”) and RREEF, the real estate investment management business of Deutsche Bank’s Asset Management division, today announce that they have completed three new lettings and extended two existing leases in Castle Marina Retail Park in Nottingham. This includes a letting to Britain’s largest coffee house, Costa Coffee, which will be opening its first drive-thru store in the retail park.

Co-owners LaSalle and RREEF have signed a ten year lease with Costa Coffee, for a 1,840 square foot unit to open on 27 May 2011. On the same day, Best Buy, the consumer electronics retailer, will also open a 33,917 square foot store with a lease of 20 years. Earlier this year, Betta Living, the fitted bedroom and kitchen specialists, opened a 5,322 square foot unit store after a ten year lease was signed.

Carpetright, Europe’s leading specialist carpet and floor coverings retailer, and Mothercare, Britain's specialist children’s retailer, have extended the terms of their leases to 2025 and 2020 respectively. Dixons Stores Group’s (“DSG”) 34,322 square foot store unit is rebranding as Curry’s Megastore.

Castle Marina Retail Park is located on Castle Bridge Road, eight miles from Nottingham city centre and can be accessed from Queen’s Drive or Castle Boulevard.

Sara Feeny, Asset Manager at LaSalle Investment Management said: “We are delighted with the completion of five leases at the Castle Marina Retail Park. The park is a hub for shoppers and provides an excellent base for retailers to showcase their products. We are particularly excited to welcome Costa Coffee’s first drive-thru store to the site and expect an increase in the overall number of visitors which will ultimately benefit all retailers.”

Stephen Wicks, Director and Core Fund Manager at RREEF commented: “The progress made over the last year has transformed what was always a fundamentally strong retail park, into one of the best shopping locations in Nottingham. With the opening of Best Buy and Costa Coffee, we can see it improving even further as more shoppers and retailers are attracted to Castle Marina.”

Jones Lang LaSalle and Reid Rose Gregory acted as advisers.