REDEVCO SECURES NEW TENANTS FOR FORMER WOOLIES

August 28, 2009

Redevco has secured deals on two former Woolworths stores in Derby and Ilford, east London.

The unit formerly occupied by Woolworths at 1 London Road in Derby has been let to TJ Hughes. The department store retailer has agreed a 10 years lease at an annual rent of £315,000 for the 35,540 sq ft unit. TJ Hughes received a three month rent-free period as part of the incentive package.

Redevco has also let the former Woolworths at 1-4 Balfour Road in Ilford, east London to Wilkinsons. The homeware retailer has signed a 20 year lease initially paying £370,000 annual rent, which will increase to £510,000 after the fifth year. The store measures 51,751 sq ft. Wilkinsons received a significant capital contribution.

Tushingham Moore advised Redevco in both transactions with CBRE acting for both TJ Hughes and Wilkinson’s.

– ends –

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