Debenhams Retail Plc has taken lease assignments of the former Allders department stores totaling 421,750 sq ft at British Landâs Queensmere Shopping Centre, Slough, at The Peacocks Centre, Woking and at The Eastgate Centre, Basildon. The introduction of one of the UKâs leading department store operators will enhance the retail offer at these Centers.
British Land has also purchased the freehold of the former Allders store in Clapham. The store totals 139,000 sq ft and is located in the heart of Claphamâs main shopping area with frontage to Lavender Hill and St Johns Road. Simultaneously Debenhams has entered into a 30 year lease at an initial rent of Â£1.25 m pa on which Tim Roberts, Joint Head of Asset Management at British Land, comments: âIn backing Debenhamsâ purchase of Clapham we have managed to secure a well located London department store with the benefit of guaranteed uplifts throughout a long lease, plus the potential for additional rental growth at review. We are also very pleased to welcome such a strong anchor retailer as Debenhams to three of our shopping centres.â
Rob Templeman at Debenhams comments: âWe are delighted to work again with British Land on expanding our store portfolioâ.
Other Allders initiatives agreed by British Land
Allders formerly occupied 32,000 sq ft at St Jamesâs Retail Park, Northampton and this lease has been assigned to BHS. Allders also formerly occupied 106,000 sq ft at Carr Lane, Hull and this lease has been assigned to Primark. British Land has taken advantage of a pre-emption clause in the Allders lease at Meadowhall Shopping Center and bought back the lease from the Administrator, as demand from retailers for this accommodation is strong.
Source: British Land