Metro Bank PLC acquires two new stores as it prepares for launch (UK)

Metro Bank PLC, Britain's first High Street bank to be granted a full service banking license in more than 150 years, has purchased two more stores which will open for business after the bank's planned launch later this year.

Knight Frank has announced that the new stores are in the Borehamwood Shopping Park, Hertfordshire, and on the front of the Fulham Broadway station, West London. They have been chosen for their prominent corner locations which will offer local customers convenience in accessing their local bank.

The sites in Borehamwood and Fulham, have ground floors of between 3,000 - 4,000 ft² (approx. 350 m²), fully glazed shopfronts, high ceilings and well lit prominent signage and branding, and will provide Metro Bank with accessible corner stores in busy town centre locations.

As with all Metro Bank stores, they will be open 7-days-a-week, 8 AM - 8 PM Monday to Friday, 8 AM - 6 PM Saturday and 11 AM - 4 PM Sunday.

The store in Borehamwood is located a short distance from the mainline train station on the town centre retail park where customers have the benefit of three hours free parking with adjacent retailers including Marks and Spencer Simply Food, Boots the Chemist, Next, WH Smith, New Look and HSBC. The premises has been acquired on a 15 year lease at a commencing rent of £230,000 (approx. €260,300 ) per annum exclusive.

In Fulham, Metro Bank will replace the old Borders bookshop at the front of the mall leading to the Fulham Broadway underground station and sitting alongside other retailers Sainsbury's and Boots the Chemist, both of which are also open late and open early. This store has been acquired on the basis of a 15 year lease at a commencing rent of £320,000 per annum exclusive.

Knight Frank has already acquired two stores for Metro Bank in Holborn and Cromwell Road, Earls Court which will open later this year, and are part of a plan to acquire 20 stores across Central and Greater London in the next two years and more than 200 stores during the decade.

Knight Frank has been retained as sole agent acting for Metro Bank. Calum Ewing, partner, Knight Frank retail, commented: "Following a referral from Newmark Knight Frank we have spent the last two years advising Metro Bank on their real estate strategy. We are really excited to be so close to seeing the first London stores for Metro Bank open and helping bringing unparalleled levels of banking service and convenience to London. Metro Bank is going to be very acquisitive over the next years and we want to know about every great retail site across London for future great Metro Bank stores."

Source: Knight Frank

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