Dr Martens opens new store at Avignon Capital's Reading Asset


Dr Martens, an iconic British footwear brand with over 30 stores across the UK and a further 100 worldwide, has opened its first store in Reading.

The store is situated on Queen Victoria Street, a pedestrianised street linking the newly extended Reading railway station directly into the centre of town.

Avignon Capital acquired the Grade II Listed building last year after recognising the opportunity to acquire a prime asset set to benefit from the continued growth of the regional town.

The stores strategic position on the main thoroughfare between Broad Street and Reading Station, will be further enhanced by the arrival of the new Elizabeth (Crossrail) line in 2019.

Avignon completed a new 10-year lease to Dr Martens on the ground floor retail unit following an agreed surrender from the previous tenant. This new letting increased the passing rent by 9%, and the value of the asset will also increase from an improved covenant strength.

Dr Martens are a strong tenant with over five decades of history. As part of their strategy they identified the need to expand and last year announced their plans to open 100 new stores and instore shops over the next five years.

The new store opened earlier this month and features art work by local artists and will host performances by bands from the surrounding area.