London’s L&G secures five new UK lettings for Five Guys

Legal & General Investment Management Real Assets has secured five lettings across its UK real estate portfolio of retail and leisure properties to the restaurant chain Five Guys.

Five Guys has opened units at Valley Centertainment in Sheffield, Overgate Shopping Centre in Dundee and Ashton Leisure Park in Ashton-under-Lyne, representing a total of around 10,000 sq ft of space.

London-based L&G has also secured further lease agreements at Meridian Leisure Park in Leicester and on a 3,938 sq ft unit in Aberdeen, located in the pitch on St Nicholas Street between the Bon Accord Centre and Union Street.

The restaurants are due to open in the last quarter of 2016. These five openings and lettings in 2016 follow in quick succession after L&G opened its first Five Guys on Friary Street, Guildford in 2015.

In Ashton-under-Lyne, L&G welcomed Five Guys as one of three operators that were previously pre-let at the leisure park.

The five lettings have been secured on 15-year leases.

Andrew Ferguson, fund manager at L&G, said: “Welcoming Five Guys to a range of L&G’s leisure sites demonstrates the strength of our leisure portfolio and the ability of our assets to attract and work closely with leading operators.

“Three of the new sites are already trading well and have collectively raised the tone of their schemes to great effect. We continue to see huge demand for a diverse and high-quality food and drink offer throughout the leisure sector.”

John Eckbert, UK CEO at Five Guys, added: “We have a great relationship with the team at L&G who has taken time to really understand our business and adapt to our requirements.

“We look forward to launching our restaurants in Leicester and Aberdeen, which will mark our fifth opening secured through L&G.

“Since launching in the UK in 2013, Five Guys has received a cult like following across the country and we currently have 47 restaurants.”

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