August 3, 2016
Sovereign Centros, the leading UK retail and leisure developer and asset manager, has signed two new lease agreements with international fashion retailers, H&M and TK Maxx, at Willow Place, Corby,
H&M has committed to a new 15-year lease and is doubling the size of its store at 6/8 Willow Place to 22,000 sq ft. H&M will carry out a refit of the entire store, so as to offer the full range of children’s, ladies and menswear.
TK Maxx has simultaneously renewed its commitment to Corby by extending its lease at 2 Willow Place to June 2031. TK Maxx will invest and remodel the store layout to improve the look and customer experience within the 30,000 sq ft store.
These two transactions closely follow recent new lettings to restauranteur Loungers and The Works who have recently leased units elsewhere in the town centre. These deals are alongside a pipeline of office to residential conversions which Sovereign Centros is working on.
Simon Phipps, Senior Leasing, Development &Asset Manager at Sovereign Centros, said: “We have worked closely with TK Maxx and H&M to ensure their new occupational space requirements were met. Their commitment to Willow Place is a huge vote of confidence in our regeneration of the centre and in Corby, which is thriving.
“The H&M and TK Maxx transactions shows their absolute belief in the growth of Corby and will undoubtedly act as a catalyst for other retailers, with some of whom we are in detailed dialogue, to take space in the town.”
These transactions demonstrate how brands recognise the excellent trading potential Corby offers. The Office for National Statistics has recently identified Corby as the fastest-growing borough outside London, with the population forecast to grow by 17% by 2024. Footfall within the town continues to outperform the national benchmark and is currently averaging circa 8 million visitors each year.
Sovereign Centros is also preparing the next phase of retail development in the town centre on the former Crown House office site, now known as the Market Walk East development. This site forms the south east gateway into Corby town centre.
The development will include additional retail units to attract new retailers and extensive surface level car parking with an impressive vertical circulation core providing customers with convenient access directly into the town centre
Corby Town Centre was acquired in March 2015 by funds managed by Sovereign Centros. The shopping centre comprises 800,000 sq ft of space, including 146 retail units plus offices and residential accommodation. The retail is anchored by Primark, H&M, TK Maxx, Wilkinson and Boots. Other key tenants include River Island, New Look, Dorothy Perkins/Burton, JD Sports, Clarks, Costa Coffee and Peacocks.
Corby also offers excellent road and rail communications with a regular and direct rail service to London St Pancras within 1hr 10 minutes. A second railway line will be opened later this year that will further improve the frequency of service from London.