The House of Fraser is admitting it has agreed to dispose of the lease on its Schofields department store in Headrow, Leeds – but remains tight lipped about the details. Schofields, an institution for Yorkshire shoppers, will close on 27 July, 1996. Schofields first opened in Leeds’ Victoria Arcade in 1901.
House of Fraser is diverting resources to Rackhams, its other flagship in the Yorkshire capital. Located on the city’s Briggate, it is to be the subject of a £6m investment programme which will remodel the store and increase the sales area by 15% to 6,967sq m (75,000sq ft). Work will start shortly and is due to end in the Autumn.
Schofields has a highly specified sales area of 4,180sq m (45,000sq ft) in the Schofields Centre, which was completed in 1988 and is owned by Hermes Property Asset Management. Hermes recently announced a £1m programme to create more prominent entrances on Headrow and Lands Lane along with brighter internal lighting.
Colliers Erdman Lewis is managing agent for Hermes and is joint letting agent with Smith Price. Other tenants in the 25,547sq m (275,000sq ft) scheme include HMV, which has a store of about 2,508sq m (27,000sq ft) . The music specialist acquired the lease from Marks & Spencer.
Speculation among Leeds agents centres on which firm – or firms- have agreed terms with House of Fraser. Both Tesco Metro and T K Maxx are being raised as possibilities. “We first heard rumblings of this four or five months ago,” said one agent. ” House of Fraser was debating which way to go and has now plumped for the larger store.”
Following the closure of Schofields, House of Fraser will operate 50 stores around the UK. Five new stores are scheduled to open in Swindon, Nottingham, the Bluewater Centre in Kent, Reading and Solihull.
Hermes and House of Fraser were not available to discuss the disposal of the lease.
EGi News 15/05/96
