Poundworld has signed to open a store at the St George’s Retail Park in Leicester.

The retailer has agreed a deal with Ignis Asset Management, which manages the park for UK Commercial Property Trust, to open a 7,600 sq ft retail warehouse store.

Ignis negotiated a lease surrender from the former occupier, Brantano, and agreed a new 15 year lease with the value retailer at a headline rent of £27.50/sq ft, increasing the income from the unit.

UKCPT acquired St George’s Retail Park in February 2011 for £49.9m, and has obtained planning consent for a 73,500 sq ft food store prelet to Tesco. The park currently comprises 167,000 sq ft of retail space occupied by stores including Toys R Us, Curry’s, Mothercare, Comet, Aldi, Pets at Home, PC World and Wickes. 

Ignis was advised by Morgan Williams and BNP Paribas Real Estate. Francis & Company represented Poundworld. Pudney Shuttleworth advised Brantano.