Superdrug expands Oxford presence with pair of store developments
Superdrug has expanded its presence in Oxford after signing two new deals, with the retailer upsizing an existing store and agreeing a deal for a new retail park location.
The healthcare retailer has extended its existing store at Landsec’s Westgate Centre, taking adjacent space at Units 21-22 to create an enlarged space extending to 6,792 sq ft. The expanded store opened earlier this year and is held on a new 10-year lease with a tenant break and rent review at year five.
Superdrug has also exchanged on an agreement to lease the current Poundland unit at Templar Shopping Park in Cowley. The unit – held by the landlord Hampshire Pension Fund – is managed by CBRE Investment Management and Quadrant Estates. Superdrug will take possession in August, again on a 10-year lease with a tenant break and rent review at year five.
These deals mean Superdrug is currently exceeding its annual target of 25 new store openings for the year.
Simon Horner of GCW, which acted for Superdrug, said these moves highlight Superdrug’s continued strategy to grow and modernise its portfolio, with Oxford providing a prime example of the retailer’s dual focus. This includes upsizing in high-footfall city centre shopping centres and expansion across well-performing retail parks.
CBRE acted for Landsec and Curson Sowerby Partners represented the landlord at Templar Shopping Park