April 30, 2010
Poundland is to open a new store at 39/41 Seven Sisters Road in north London after signing a lease with landlord Lazari Investments, represented by Kitchen La Frenais Morgan.
The retailer has signed a 10 year lease with five yearly upward only rent reviews. Poundland will pay a rent of £160,000 for the new store which will comprise a 5,040 sq ft ground floor, 2,082 sq ft first floor and a 1,340 sq ft second floor.
Poundland is Europe’s largest single price discount retailer and currently has 261 stores – 61 of which opened last year. It plans to invest £10 million this financial year to open a further 50 stores, creating 2,000 new jobs in the process. Most stores average in excess of 6,000 sq ft but it is also planning some larger store formats.
Landlord Lazari Investments was represented by Kitchen La Frenais Morgan. Capital Retail acted for Poundland.