May 15, 2017
Redefine International, represented by KLM Retail, has exchanged contracts with TK Maxx to take a new unit on Derby’s Albion Street.
Situated adjacent to The Disney Store and opposite Gap, the new 22,000 sq ft store will have extensive frontage to Albion Street and is ideally well placed to capitalise on the footfall generated by Intu Derby. The store is being formed from a combination of 3 unit shops and redundant ancillary space above.
Redefine purchased the Albion Street block which totals 50,000 sq ft of retail space less than 12 months ago. Following the deal to TK Maxx, KLM Retail are now able to discuss further opportunities on Albion Street ranging from 750 sq ft to 4,000 sq ft.
Will Thomas, Partner at KLM Retail commented, “TK Maxx is a fantastic addition to the retail mix in Derby and their new store is ideally located within the city. Albion Street provides exposure to really significant footfall at a fraction of the rents being sought elsewhere. We look forward to now releasing further opportunities on Albion Street to continue the evolution of the pitch”
Adrian Horsburgh, Property Director at Redefine International, commented, “We acquired our units on Albion Street as part of the AUK transaction last year and it is a site that we identified as having significant asset management potential in a high footfall location in Derby city centre, which is the target of significant investment by the local authority. This letting to TK Maxx, a high-profile brand with a strong covenant, is in line with our strategy to target income-led asset management opportunities as we continue with our objective of becoming the UK’s leading income-focused REIT.”