Rockspring secures quartet of tenants for Orchard

Rockspring has signed four new retailers to its Orchard Shopping Centre in Taunton to take the centre to 90% let.

The deals, on behalf of the Rockspring UK Value 2 fund, are headlined by a 10-year let to clothing brand Jack Wills for a 2,500 sq ft unit at 4 Fore Street at a rent of £31.40/sq ft.

Alongside this, Warrens Bakery has taken a 662 sq ft unit in the Pig Market on a 10 year lease,  plus-size specialist Yours Clothing has signed for a five-year lease agreement for a 1,748 sq ft unit and healthy eating store Grape Tree agreed to let a 964 sq ft unit on a ten-year lease.

Acquired by Rockspring in December 2014, Orchard Shopping Centre comprises 160,000 sq ft with 56 retail units let to a range of retailers including Smiggle, Bill’s, Game, HMV, Greggs and Vision Express.

Kim Sardar, European director at Rockspring said: “This series of lettings, which further diversify the income profile of the centre, are a reflection of the hard work that has gone into building upon the success of the Orchard Centre and further affirm its place as the dominant retail destination within Taunton town centre and the surrounding area.

“We are confident the new tenants will attract a diverse range of shoppers who will provide a further boost to footfall, which is already up 14% on last year.”

Rockspring UK Value 2 is the second fund in a sequential UK-only closed-ended real estate strategy with a core plus risk profile. The Fund held its final close in February 2015 securing a total of £342m of equity from 11 investors for the Fund, which will have a duration of seven years.

Rockspring was advised by Savills and KLM.

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