Landlord, Standard Life Investments Pooled Property Pension Fund, advised by Strutt & Parker, has let a 2,040 sq. ft. unit at St. Mark’s Shopping Centre, Lincoln, to Costa Coffee. Costa, represented by Cushman & Wakefield, has agreed an annual rent of £55,000 on a new 15 year lease for the new unit which is split over two levels. There is currently one 2,300 sq ft retail unit remaining at the scheme.

The store is the first Costa Coffee outlet to open in Lincoln under its own fascia – it has a concession in the Waterstones store on the High Street.

Mike Hannigan, Investment Director at Standard Life Investments said: “It was the successful expansion of Sports Direct into a larger unit within the scheme which led to the creation of this opportunity for Costa Coffee and we’re delighted to see them trading so well”.

St. Mark’s enjoyed a very busy Christmas period, with a number of retailers recording double-digit growth in like-for-like sales compared with last year.

Centre Director, Richard le Sueur, commented: “Feedback from retailers this year has been very positive. We have beaten the national trend in terms of trade – turnover was up by 3.8% across the Shopping Centre as a whole. We believe this is because we have a good mix of tenants, a relaxed shopping environment and the best car parking facilities in the City”.

Information on the remaining unit available to let is available from Standard Life Investments’ joint letting agents, Strutt & Parker and Wilkinson Williams.

ENDS