Starbucks signings included in flurry of Schroders lettings

27th February 2024 | Jack Oliver

Schroders Real Estate Investment Trust has let two drive-through units to Starbucks as part of a wider flurry of leasing activity.

The coffee shop operator has signed for St John’s Retail Park in Bedford and for 103 Watling Street in Milton Keynes.

Both units span 1,800 sq ft each and have been let on 15-year leases. Starbucks constructed the units themselves and will receive contribution towards construction costs of £850,000 and 12-month rent free periods on both restaurants.

The Bedford unit will contribute an annual rent of £155,000 whilst the Milton Keynes shop will generate £105,000 per annum.

The signings form part of a wider number of lettings within the Schroders portfolio, including multiple new deals at Stanley Green Trading Estate in Greater Manchester, a lease renewal with Jaguar Range Rover at an industrial estate in Warwick, and a lease extension with the University of Law in London.

In total, Schroders has completed 32 new lettings, renewals, and rent reviews since 1 October 2023 across 378,159 sq ft of space.


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