Legal and General has set a new record rent for Zone A retail space in Inverness.

Breaking a century

Phones 4 U is taking a 3,560 sq ft unit at 43 High Street, Inverness, at £105 Zone A – breaking through the £100 mark for the first time.

It has agreed a 10-year lease with an annual rent of £125,250 a year.

Rental growth

Niall McDonald, director of Jones Lang LaSalle which acted for Legal & General, said Zone A rents had been stuck at £85/sq ft for a number of years.

‘This letting emphasises the strength of the Inverness market particularly when you consider that the under-bidder was at more or less the same figure and there were two other retailers waiting in the wings if this deal did not happen,’ he said. ‘When considered in light of the other recent letting of the former Waterstones unit to HSBC at £95 Zone A, there will now be significant movement of rents along this street when rent reviews are due.’

Cushman & Wakefield represented Phones 4 U.