M&S signs up to Brotherhood

Aberdeen Property UK Retail Parks Trust has announced that Marks & Spencer (M&S) is the first retail name to open in Brotherhood Shopping Park, in Peterborough. M&S has entered into a 25 year lease for a total area of 70,000 sq ft over the ground and mezzanine floors at the £25m development which is scheduled to open in autumn 2012.

Brotherhood Retail Park was originally built 23 years ago but an application for redevelopment to the new Brotherhood Shopping Park was submitted in 2007 with work scheduled to start later this year. The new park will have 260,000 sq ft of retail space, 110,000 sq ft of which will be being on a mezzanine level and will include 11 shops, a restaurant and ample parking.

Phil Huby, Aberdeen Asset Manager, Brotherhood, said: “This is a significant development for the fund with a capital investment of £25m in a much needed regeneration of the Brotherhood scheme.” Savills advised Aberdeen Asset Management and Harvey Spack Field advised the Marks & Spencer letting.