Planning Consent Secured for 24,000 sq ft Change of Use

NewRiver has secured planning consent for a change of use on a total of 24,000 sq ft of retail space to provide two new stores for Food Warehouse by Iceland at Telford Road Retail Park in Inverness and South Lakeland Retail Park in Kendal.  

The 12,000 sq ft former PC World unit in Inverness and 12,000 sq ft former Poundstretcher unit in Kendal will be let to Food Warehouse on 10-year leases, at rents of £14.50 per sq foot and £15.65 per sq ft respectively. Food Warehouse is due to take occupation in Inverness in September 2022 and in Kendal in November 2022.

The new lettings demonstrate the strategic positioning of NewRiver’s assets in providing relevant space in key locations for successful and expanding retailers providing essential goods for consumers.

Once open, both retail parks will be fully occupied with the new Food Warehouse stores joining an already strong essential goods retailer line up across both parks.

Allan Lockhart, CEO, NewRiver, said: “We are delighted to have successfully secured change of use planning consents to create two new Food Warehouse stores for this expanding food retailer, demonstrating NewRiver’s ability to add value through our asset management capabilities and the resilience of our well-positioned portfolio. The two new stores will create further jobs and a wider retail choice for the community whilst providing resilient long-term income.”