Cube RE (Cube), on behalf of the Hathaway Opportunity Fund (HOF), its joint venture with the NFUM has welcomed Iceland to St Andrew’s Square in Droitwich Spa, Worcestershire.
The frozen food specialist has taken a new 15-year lease on the prominent unit which was previously occupied by Poundland.
Iceland joins the diverse mix of national and local operators at the 40-unit, pedestrianised scheme. Anchored by a Morrisons supermarket and housing other national retailers including TG Jones, Boots, Specsavers, Holland & Barrett, Card Factory and Pure Gym, St Andrew’s Square is also home to many local, independent retailers.
Along with Iceland, this year Cube, advised by retained letting agent Creative Retail, has also secured new retailers in Cove Tanning and The Phone Doctor, as well as renewing leases with Peacocks, Humphries Shoes and Quality Crust. The centre has also recently welcomed The Banking Hub providing essential cash and banking services to the local community following the closure of the High Street banks elsewhere in the town centre.
Jonathan Butcher, Senior Asset Manager at Cube, comments: “Following significant investment into the scheme we have seen many household names and local businesses join St Andrews’ Square and we are thrilled to see Iceland opening to provide another great national offering for the area, in keeping with our strategy to create a diverse retail mix and increasing footfall.”
Guy Sankey, Director at Creative Retail, says: “Securing a straight 15-year lease in a midlands town centre is a particularly notable outcome in today’s market, where occupiers often seek shorter, more flexible lease commitments. Iceland Foods’ decision to commit long term is the strongest endorsement for both St Andrews Shopping Centre and Droitwich Spa. It demonstrates real confidence in the store’s trading prospects and the wider future of St Andrews, and we are delighted to have advised Cube RE on a transaction of this quality.”