Minerva has confirmed to the Stock Exchange that it has signed an agreement with retail chain Allders for a 32,050 sq m (345,000 sq ft) flagship department store in Croydon town centre.
The new store is part of Minervas 96,620 sq m (1,040,000 sq ft) Park Place development – one of the largest town centre regeneration projects in the UK.
Allders has agreed a 50-year lease at an initial rent of £2.1m pa. As part of the deal ,Minerva has entered into an option agreement whereby Allders can require the developer to acquire its existing Croydon store in The Whitgift Centre for £50m.
The new store will have trading space of 22,300 sq m (240,000 sq ft) arranged over four floors. Allders plans to invest £38m, based on current prices, on the fit-out of the new store.
Andrew Rosenfeld, chief executive of Minerva, commented: “We are delighted to have secured Allders as anchor tenant for Park Place. This agreement marks another major step forward in our proposals, which represent one of the UKs most substantial and innovative retail town centre regeneration projects. The Park Place scheme will greatly enhance Croydon, and will re-establish it as one of the countrys leading shopping destinations.”
EGi News 22/02/2000
