Watches of Switzerland is set to more than double the size of its store in Birmingham’s New Street.
The retailer has been selling upmarket Swiss timepieces from its 1,572 sq ft store at 124 New Street since 1995 and has now exchanged contracts with landlord Hortons’ Estate to acquire the neighbouring 2,623 sq ft 122 New Street to create an upmarket showroom.
Aurum Group (Watches of Switzerland) has taken a 10-year lease on the combined premises at an annual rent of £372,500.
Gordon Scott currently occupies 124 New Street. Parent company A Jones & Sons is surrendering the lease, which was due to expire at the end of 2015. It operates a Jones the Bootmaker store in the Bullring.
Steve Tommy, commercial surveyor at Hortons’ Estate, said: “New Street’s retail scene is undeniably benefiting from the station upgrade and imminent arrival of John Lewis and Metro.
“Retailers have seen a dramatic increase in footfall and we have noticed a marked increase in enquiries for space in the area.”
In addition to 122 and 124 New Street, Hortons’ owns 128 New Street, the Burlington Hotel, which incorporates retail units on New Street, Stephenson Street and Lower Temple Street and Piccadilly Arcade.
Hortons’ is also in talks on 128 New Street with Apple, which could open a new flagship store next to the £650m revamped New Street Station.
The move would see Apple vacate its 4,000 sq ft store at the Bullring, where it can exercise a break clause next year, and upsize into the circa 20,000 sq ft former banking hall. Current occupier Waterstones is in talks to surrender its lease, which expires in 2018. It pays a passing rent of £880,000 pa.
After a major refit of the six-storey 128 New Street, Apple is likely to pay a reduced rent of around £650,000-£700,000 pa. A deal is yet to be signed.
