London & Associated Properties Regulatory News (LAS)

10 Jan 2005 07:00

DRAFT 4 6 Jan 05FOR IMMEDIATE RELEASE10th January 2005 WAITROSE AND ZARA PRE-LET IN LAP'S KING EDWARD COURT, WINDSOR London & Associated Properties PLC ("LAP") today announces that it has pre-let42,500 sq ft of retail space to supermarket group Waitrose, at an annual rentof ‚£700,000, in the partial redevelopment of King Edward Court, Windsor.LAP also announces that it has agreed terms with fashion retailer Zara for thepre-let of a 17,000 sq ft store.As a result of these two pre-lets, more than 90% of the available retail spacein the redevelopment is now committed.Waitrose and Zara join New Look and H&M which committed earlier this year tothe 100,000 sq ft retail element of the redevelopment at King Edward Court,which LAP owns in joint venture with the Bank of Scotland.The redevelopment is planned to get underway next month and completion isanticipated for the end of 2006. Following completion, the redevelopment willincrease King Edward Court's retail content by 60,000 sq ft to over 215,000 sqft.These pre-lets will produce combined annual rents of ‚£2.15 million oncompletion, and there is a further estimated ‚£250,000 per annum of space stillto let. This compares favourably with the passing rent of ‚£1.1 million in thispart of the centre.LAP was represented by Gooch Cunliffe Whale while Zara was advised by HarperDennis Hobbs and Waitrose by its own in-house property team. Ends. Contact:John Heller, Chief Executive, LAP. Tel: 020 7415 5000Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161END