Aviva Investors Property Trust has secured TK Maxx as a prelet in its redevelopment of 32-38 North Street, Brighton.
TK Maxx has agreed to take 36,000 sq ft on a 15-year lease on a rent of £450,000 pa.
The retailer was an original tenant in the break-up of the former Vokins department store. Aviva will carry out a major refurbishment during 2012 to create the new store, which should be reoccupied in time for Christmas 2012 trading.
Martin Crossley, retail director at Jones Lang LaSalle, which advised Aviva, said: “TK Maxx had always performed well in the location but had outgrown the space. The creation of a new larger store with a vastly extended ground floor area, incorporating two existing unit shops, will enable them to present an enhanced product range in a new flagship environment. The terms achieved recognise the strength of the location and overall demand from retailers for major store premises in Brighton.”
TK Maxx was advised by DTZ.
annabel.dixon@estatesgazette.com
