A WIN DOUBLE FOR BETFRED IN IPSWICH AND BIRMINGHAM

Retail News

Following the successful acquisition of Tote Bookmakers which has boosted the Betfred portfolio to 1,350 shops, their expansion programme continues with the acquisition of two new branches in Ipswich and Weoley Castle which is a suburb of Birmingham.

Mark Bradley, Director of FHP Property Consultants who acted for the bookmakers confirmed that the Ipswich branch at 37 Westgate Street which is a ground floor unit of 1,450ft² was acquired on a new 10 year lease at a rental of £32,500 per annum with a 9 month rent free period and that the Weoley Castle shop, containing 1,679ft² was a new 10 year lease at a rental of £22,500 per annum and was secured following a simultaneous surrender of the previous occupier’s lease.

Mark commented “Once the Ipswich shop was identified, it was essential to move quickly to secure terms with an early exchange of Agreement for Lease and submit the change of use planning application as we had established that the percentage of non retail use in the street was almost at the limit and we wished to avoid any other A2 operator submitting an application ahead of Betfred.  This was achieved and a planning consent was successfully obtained.

The Weoley Castle unit was acquired after a long period of canvassing existing occupiers in the locality and our perseverance paid off when a local charity shop responded and terms were eventually agreed with the landlord for a surrender of the lease and the grant of a new lease to Betfred once planning and licensing had been granted.”

Betfred are maintaining their expansion programme into 2012 and currently FHP are negotiating on a further 8 potential properties within the Midlands/East Anglia regions.

Details of any suitable properties of between 1,000 – 1,500ft² ground floor area should be forwarded to Mark Bradley at markb@fhp.co.uk, Tel 07887 787884.