The team managing the Schroders Capital UK Real Estate Fund (SCREF) has agreed a 15-year lease with leading leisure operator, Bunkers, for a 11,281 sq ft unit at The Brewery in Romford.
The letting takes the scheme close to 100% occupancy, with the final vacant unit currently under offer, with lease completion set to take place early in the new year. Bunkers expands The Brewery’s already expansive leisure offering and is indicative of the growing demand for prime retail space at the East London location, which was acquired by SCREF – alongside Zurich Investment Foundation Immobilien Europa Direkt – in 2022.
Bunkers, a competitive socialising venue for all ages and crazy golf destination, is part of the Adventure Leisure Group which also operates Ninja Warrior UK, Mulligans, and Sidcup Family Golf. Part of the wider Burhill Group, a major owner and operator of 22 golf courses, Adventure Leisure has 12 other locations across the UK, and is exploring sites in Ireland and other territories. Its rapid expansion comes as it looks to meet the growing demand for competitive leisure spaces in prime retail locations.
The new Bunkers Romford location benefits from both direct access to the 1,750-space car park and Crossrail station within a two-minute walk of the scheme. As part of the Bunkers offering, visitors will be able to take part in a variety of activities including mini golf, electro darts, VR games, pool, and shuffleboard, as well as enjoy a selection of cocktails, beers, pizzas, and nachos.
The arrival of Bunkers will add to the already strong F&B and leisure provision at the 21-acre, 530,006 sq ft, scheme, which is currently home to operators including a 16-cinema Vue Cinema, Namco, Zizi, Pizza Express, McDonalds, Starbucks and Costa Coffee. Last year, Schroders Capital’s team also announced 14,642 sq ft of new lettings to tenants including Wagamama, Five Guys and Turtle Bay.
Rob Cosslett, Fund Manager at Schroders Capital, said:
“Since the acquisition of The Brewery in 2022, our dedicated Schroders Capital retail team have used its expertise to add significant value to the site. We have done this through securing a series of high-profile lettings with several well-performing retail, leisure, and F&B operators, as well as enhancing the visitor experience for customers, through public realm improvements. Our team have also improved the sustainability credentials of The Brewery through ongoing social value initiatives, the installation of new solar panels across several roofs due to complete in early 2024, and completion of a programme to upgrade to LED lighting throughout the common parts of the scheme.
“The arrival of Bunkers is another significant milestone for The Brewery and will act as another key footfall driver for the site. The letting is testament to our team’s partnership approach with tenants that gives us a strategic insight into how best to mould our assets to provide occupiers with what they need to ensure strong trading performances. With affordable rents and near full occupancy, The Brewery is an example of how our retail warehouse assets continue to create long term sustainable income growth and strong returns for our investors.”
