Netto, the discount supermarket chain, has teamed up with frozen food chain Iceland on three schemes in Huddersfield, Birkenhead and Sunderland.
Netto will build all three schemes which comprise Netto stores with Iceland shops adjacent. Iceland will enter into new institutional leases on the units in each location.
In Sunderland it has signed a 15 year lease at £67,500 a year for a 6,730 sq ft shop on five yearly rent reviews.
In Birkenhead it has taken a 15 year lease at £67,000 a year for a 6,750 sq ft store on a five yearly rent reviews, and in Huddersfield it has signed for a 15 year lease on 6,800sq ft, paying £50,000 a year with rent to be reviewed in 2011.
Netto has also acquired a former Kwik Save and Iceland store in Cannock in the West Midlands. Iceland have surrendered their existing lease and Netto plans to redevelop the site to provide a 12,000 sq ft Netto supermarket.
William Smith, property director for Netto in the UK, said: ‘Netto and Iceland are already trading successfully together in a number of locations and I am confident that each of these developments will be commercially beneficial to both retailers.’