Hercules has also entered into a commitment to forward purchase Phase 2 of the development, scheduled to be complete in time for Easter 2004 and already more than 55% pre-let. The latest tenants to sign up for this phase are value fashion retailer Matalan which has taken a 41,000-sf two-level unit and a 3,189-sf Pizza Hut.
Pillar director Andrew Jones said: "The acquisition of Prospect Place represented an opportunity for Hercules to acquire another park with critical mass and a strong tenant profile." Letting agent Harvey Spack Field advised Pillar and Wilkinson Williams advised Hercules.
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