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LONDON-Spanish fashion retailer Zara–part of the Inditex Group–has signed an agreement with Development Securities to pre-let 35,000 sf at 333 Oxford Street, at the junction of Oxford Street and New Bond Street. Zara is taking a 20 year lease at £2.75 million ($4 million) per annum, which includes a 12 month rent free period.

Development Securities bought this prime development site from Sears Group Properties for £38 million ($55 million) in September 2000 and the 78,000-sf mixed-use development been forward funded with DEKA Immobilien Investment, the German investment fund.

The Spanish retailer will trade on the lower ground, ground and first floors for its flagship UK store. On completion of the new store in December 2002, Zara will operate 11 stores in the UK and 520 stores worldwide. In addition the development will provide 43,000 sf of office space over four floors which will be marketed in the New Year.

Clive Bush, Development Securities’ Projects Director, said: “333 Oxford Street is arguably the best site on Oxford Street, at its junction with New Bond Street. With over 200 million people visiting Oxford Street each year, the store will clearly benefit from the high pedestrian flow. The strong interest we have had since we started marketing the building confirmed our belief that the location was one of the most sought after sites in the West End.”

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