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.
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