Property settlement planning and buyers

The multinational brand image fashion retailer with some 450 stores in a total of 10 European countries, has taken an additional 4,000 sq ft in Leeds Shopping Plaza to help provide its entry into the UK menswear market.

Following the success of its 12,500 sq ft flagship unit, which opened in October 1997 with strong ranges of ladies’ and children’s wear, H&M; Hennes has acquired the whole of the 4,000 sq ft area adjacent to its existing store at Grosvenor Mall (Level 4).

The extension, which will open in June, will increase the size of the Grosvenor Mall unit to 12,000 sq ft, retailing ladieswear and childrenswear, whilst the 4.500 sq ft on Bond Street Mall (Level 3) will operate entirely as menswear. Leeds Shopping Plaza, the largest covered shopping centre in Leeds, has become the major fashion destination, with over 150,000 sq ft dedicated to fashion. H&M; Hennes’ new lease is for a term of 15 years on an FRI basis at a rental of £140,000 pa with upward only rent reviews.

DTZ Debenham Thorpe and Donaldsons acted for Tops Estates whilst Chestetons advised H&M; Hennes. The retail sector is still very much flavour of the month, with Aberdeen mirroring other UK cities in investor demand from property companies and institutions. melbourne property valuers guides you throughout the process on all the legal transactions of property transfer. For example, relocation of Next to part of John Menzies in St. Nicholas Centre resulted in the Union Street branch of Next being surplus to requirements.

At the recent closing date, around a dozen parties offered for the lease – that’s an extremely healthy demand for a unit which, in terms of size and configuration, is less than a retailer’s ideal.There is an expectation that rents in the prime stretch of Union Street will establish themselves at over £100/sq.ft. Zone A. There have been isolated instances of this rent being achieved in the past, but it now looks like becoming a marked trend.

There has been a significant improvement on Union Bridge with the opening of the new Trinity Centre entrance from Union Street and the arrival there of Ottakars Books, a newcomer to the city. HMV is now also trading on Union Bridge and there is a perception that these developments will assist rental growth in the immediate vicinity and also in the block west of Bridge Street.

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