C&W Jointly Advise In Respect of 50,000 sq ft MSU Shopping Centre Letting to Primark
Following the insolvency of a former tenant, County Mall Shopping Centre had a significant void unit totalling 8,600 sq ft (2.25% of total net area) adjacent to one of its two anchor stores. Primark occupied a poorly configured and undersized store elsewhere in the town.
The Challenges were:
Find a means of creating 50,000 sq ft within County Mall to accommodate a new Primark store.
Negotiate lease surrenders from nearby occupiers accordingly.
Negotiate a relocation with Primark from their existing freehold premises.
Undertake various onsite meetings with surveyors and architects to design a well configured space which would meet Primark’s requirements. This included amalgamating several existing units as well as extending the existing envelope of the shopping centre.
Unconditional surrenders were agreed with all of the existing tenants with the exception of Monsoon/Accessorize who are a desirable tenant. After detailed negotiations C&W agreed a relocation for Monsoon/Accessorize to premises on the prime pitch within County Mall.
Primark were averse to the principle of moving from a freehold site to a leasehold site within Crawley thereby weakening their interest. On the basis that we had successfully designed an extremely well configured and located premises, we negotiated a new 25 year lease which appeased their concerns.
Primark secured a new 50,000 sq ft MSU in Crawley with a significantly better configuration than their existing freehold store.
Our client secured a new 25 year lease with one of the best performing and strongest retail covenants in the UK.