Retailer Wilko renews lease in five year deal at Peterborough's Ortongate Shopping Centre after new owners step in

​A leading retailer has agreed to renew its lease on a flagship store at a Peterborough shopping centre.

Wilko has just agreed a new five year lease on its 23,436 square feet unit at the edge-of-city Ortongate Shopping Centre, in Orton Goldhay.

The retailer’s lease had been due to expire this September and there had been concerns that Wilko would leave the ageing mall, which has struggled to attract trade over the last few years.

But after the centre was bought last month by Nottingham-based ALB Group, which has promised a £1 million investment, the retailer agreed to extend its lease.

ALB has also created a cheaper, more flexible rent structure for potential tenants with the aim of filling the centre with a new mix of independent traders and big-name national brands.

The move looks to have encouraged a number of new businesses to express an interest in leasing vacant units at the centre.

Potential new businesses currently in negotiation with the joint agents Prime Retail and FHP Property Consultants include an Indian restaurant, pet store and an arts, crafts and garden store.

Joe Bryan, senior surveyor for Prime Retail, said: “This is fantastic news for Ortongate and shows just how much of a positive effect ALB has had on the general outlook at the shopping centre.

“Wilko currently occupies the second largest unit on site, so this is a major coup for everyone, and a huge relief I’m sure to many shoppers.

“Having pre-empted a situation which could have left a very large hole in the centre’s fortunes, we clearly offered them a good enough deal to stay.”

Arran Bailey, founder of ALB, said: “The fact that Wilko has reconsidered its position and signed a new five-year lease illustrates just how serious we are at breathing new life into our centres.

She said: “Our approach is quite simple.

"High streets and retail centres have been facing challenges for years, from online shopping to the effects of Covid, so it could not be a case of ‘business as usual’.

“Many landlords have not woken up to the fact that a fresh approach was needed. But we have seen a hugely positive reaction to our more flexible leasing model.”

The Ortongate Shopping Centre was put on the market several months ago with a £5 million price tag.

The 15-year-old centre was bought last month by the ALB Group for an undisclosed sum.