Clearbell lets 4,300 sq ft to McColl's at Belgrade Plaza, Coventry

15.10.2019

Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, announces that it has let 4,300 sq ft of retail space to McColl’s convenience stores at Belgrade Plaza in Coventry, on a 15-year lease. Belgrade Plaza is now fully let.

Belgrade Plaza is a 129,500 sq ft mixed-use site at the heart of Coventry, built in 2008, offering residential, leisure and retail facilities. It is made up of residential apartments, a 120-bed hotel, restaurant units, a retail unit and a gym. Existing tenants include Premier Inn, Coventry University, Café Rouge and JD Gyms.

It is located in an area that has undergone significant development in recent years. The site has recently been refurbished with new energy-efficient lighting and ventilation in the residential areas.

Clearbell acquired the asset in 2016, with plans to maintain the residential occupancy and pursue lease re-gears with hotel, retail and restaurant tenants.

Dominic Moore, Head of ESG and Asset Management at Clearbell Capital, said:

“The Midlands has seen significant development across its major cities in recent years, with Coventry reaping the benefits. The strong student population and increased interest from businesses to locate here give the city a strong boost. Belgrade Plaza is perfectly located to deliver retail, accommodation and leisure facilities for locals, the university and businesses in the area.”

“Mixed-use sites with captive audiences, including residents and hotel guests, provide certainty for retail tenants in the current climate. This makes Belgrade Plaza particularly attractive to prospective retailers.”

Owen Mason, Head of Acquisitions at McColl’s, said:

“We are delighted to lease the site at Belgrade Plaza from Clearbell and are looking forward to creating exciting career opportunities for up to 20 employees from the local Coventry area. 

McColl’s is excited to open one of its new convenience stores in the heart of Coventry. We pride ourselves on serving the community and surrounding areas with a full range of amenities and services at a competitive price.”

Clearbell was advised by Bromwich Hardy.

McColl’s was advised by g22 property consultants.