Morrisons has acquired a package of seven Jessops stores from administrators at PwC.
The supermarket chain beat rival bids from four retailers to secure Jessops’ 5,600 sq ft store at 63-69 New Oxford Street, WC1, for its M Local format. The lease on the shop expires in 2022.
The deal also includes Jessops’ 1,900 sq ft store at 360 Kensington High Street, W14, and 1,600 sq ft at 43-45 Strutton Ground, SW1. The current rents and lease expiries on both stores stand at £107,500 and 2016, and £65,700 and 2013 respectively.
The package also includes shops in Edinburgh, Brighton, Croydon and York, totalling circa 6,400 sq ft.
Coffee, convenience and food retailers have expressed particular interest in acquiring other packages of Jessops stores.
The 192-store chain collapsed into administration last month.
Jamie Ludlow of Prime Retail, which is advising PwC, said: “Morrisons particularly targeted the larger stores in the portfolio for its M Local chain. This included double units and stores with photo labs that could be easily converted to supermarket use.”
Savills and GCW also act for PwC.
annabel.dixon@estatesgazette.com
