Dixons goes Metric
Real estate investment trust Metric Property Investments has exchanged contracts for a new lease with Dixons Retail Group at its Nottingham Road Retail Park in Mansfield. Both companies will undertake “substantial refurbishment” of the site, at a cost of £2.2m.
Dixons, an existing tenant, will pay £801,000 per annum (£17.00 psf) on a new 15 year lease for a 47,000 sq ft Currys megastore.
Upon completion of refurbishment, the investment will be fully let and will show Metric a yield on cost of 8.15 per cent.
Andrew Jones, chief executive of Metric, said: "We are also pleased to announce the letting to Dixons Retail at Mansfield, which is a good example of Metric using its retailer relationships to deliver accommodation to meet the strategic objectives of its occupiers and at the same time provide value enhancement to our portfolio."
