Debenhams is set to open a huge department store at Hammerson’s £300m redevelopment of Birmingham’s Bull Ring shopping centre, as tipped exclusively in EGi News on March 4.
Hammerson today confirmed that it has agreed heads of terms with the retailer, which will occupy 20,000 sq m (215,000 sq ft), making the Birmingham store one of its largest in the country.
Debenhams is taking a 35-year lease, without breaks, but neither party will comment on the finer points of the deal.
Ronald Spinney, Hammerson’s chief executive said: “We are very pleased we secured Debenhams as the first anchor tenant for the new Bull Ring. Our consumer research shows that Debenhams is the department store that the 4.5m people in Birmingham’s catchment would most like to see in the city centre.”
John Lewis Partnership is thought to be the hot favourite to take the second anchor unit – totalling 27,870 sq m (300,000 sq ft) – at the proposed 110,000 sq m (1.2m sq ft) Bull Ring.
Hammerson director John Dodds said: “We are looking at progressing the letting of the second anchor and we are talking to three or four major stores – of which John Lewis is one.”
Jones Lang Wootton advised Hammerson. Debenhams was unrepresented.
EGi News 05/03/97
