Marks & Spencer has paid a premium of over £4m to anchor CIN LaSalle’s Woolshops shopping centre in Halifax, West Yorkshire.
CIN is now drawing up plans to expand the shopping centre and is set to submit a planning application for a 5,574 sq m (60,000 sq ft) extension to provide 11 more retail units.
The 4,350 sq m (46,833 sq ft) store M&S will occupy became available following the recent surrender of its lease by J Sainsbury. M&S has a 125 year lease at a peppercorn rent and is spending some £6m on the fitting-out.
M&S is relocating and expanding from its existing store in the town centre. Jerry Toole, Asset Manager at CIN LaSalle, said: “It was never going to be easy to get this deal put to bed within the tight timetable needed, with two of the UK’s most prestigious retailers involved. Nevertheless, we did it and the result is a very major boost to retailing in Halifax.”
CIN LaSalles Investment Management was advised by J Trevor & Webster and Healey & Baker. M&S was advised by Donaldsons. Leslie Furness & Co acted for Sainsbury.
EGi News 29/01/98
