15 ACQUISITIONS & COUNTING…

Retail News

The completion of recent acquisitions in Leicester, Edinburgh, Hornsea and Matlock take the total number of acquisitions on behalf of Putting on the Glitz to fifteen over the last sixteen months.

The latest deals once again show the diversity of stores which FHP have acquired for Putting on the Glitz over the past sixteen months.  Indeed these four acquisitions include two prime shopping centres, one outlet centre and one tourist town.  The acquisition of the in line store at the St James Centre, Edinburgh will take Glitz to three outlets within the scheme of which these will be the largest and flagship.

Conversely, the acquisition at the Haymarket Centre, Leicester will be their first store within the city.  Leicester has been a location which we have monitored closely over the past year, awaiting the right opportunity.  I believe that the subject premises offer the perfect solution and will grow to be one of the strongest outlets in the group.  In both instances, they have committed to five year leases subject to tenant breaks after two years.

The proposition at Hornsea is slightly different with Glitz taking occupation initially under a six month licence agreement on a rates and service charge basis in order to trail a location and ascertain whether it warrants a permanent store.

FHP currently have two further units under offer on behalf of Putting on the Glitz and it is anticipated that we will complete on circa six more prior to November 2010.  Steve Young of Fisher Hargreaves Proctor commented:-

“Putting on the Glitz are an entrepreneurial business which does not have a prescriptive requirements criteria.  They have assessed each opportunity and if they believe in the location, they will seek to secure the premises.  It is likely that the remaining acquisition slots for 2010 would primarily be focused on prime shopping centre locations such as Meadow Hall and the Arndale Centre as well as outlet villages across the UK.”