The developer of the Tricorn Centre site in Portsmouth city centre has signed John Lewis
to anchor the scheme.
In a major coup for Centros Miller the shopping centre developer owned by Miller Group and Delancey the John Lewis Partnership will take a 220,000 sq ft department store over four levels at the 600,000 sq ft redevelopment.
This is the first prelet for the Northern Quarter scheme.
Development director John Marsh said: “Securing a John Lewis department store sets a high standard for the type of retailers we intend to attract.”
As part of the deal, Centros Miller will take on the John Lewis lease at its 60,000 sq ft Knight & Lee store in the city with a view to securing new tenants. Further terms of the deal have not been disclosed, but sources in the sector said John Lewis was likely to receive more than £10m to take the store. It is likely to pay less than £10 per sq ft and receive a rent-free period.
“John Lewis can pretty much ask the earth,” said one observer.
The new store is at the northern end of Commercial Road, which is the prime pedestrianised street in Portsmouth city centre. The John Lewis store will front the £250m development.
Letting agents are Cushman & Wakefield Healey & Baker and Leslie Furness.
Centros Miller will submit a planning application for a retail scheme with flats and leisure in spring 2005. The scheme is targeted to open in 2009.
References: EGi News 12/11/04
