X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LEEDS-Spanish fashion giant Zara has stepped up its UK expansion programme, taking stores in Leeds, Belfast and Nottingham. In Leeds, Yorkshire, it has taken half of the former Marks & Spencer satellite store, with Benetton set to take the other half.

Liverpool Victoria Asset Management paid Marks & Spencer £1.65 million ($2.3 million) to buy out its existing on 129/132 Briggate and 127/135 Kirkgate in Leeds. The lease was for 30 years from March 1997 with five yearly rent reviews at a rent of £637,000 ($885,000) per annum.

After splitting the store in two, unit 2 has been let to Zara, which will take possession of the store in August and open in October. The Spanish fashion retailer has taken 23,813 sf over two levels and is paying an average rent of £775,000 ($1.08 million) per annum with a six-month rent free period. And unit 1 is under offer to Benetton, which is not looking to take possession until January 2002. This unit offers 23,190 sf of retail space.

Healey & Baker advised Liverpool Victoria, and Partner Martin Acton said the lettings were probably the most important provincial retail deals of the year so far. ‘The unit was perfect for creating what the Spanish fashion retailer was looking for – a high profile store, offering a good floorspace in a prominent position in a city that has become one of the top fashion centres in the UK,’ he said.

Blair Kirkman acted for Marks & Spencer, and Harper Dennis Hobbs for Zara.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.