Exclusive: Retail giant in Yorkshire move
MARKS & SPENCER is to create one of its largest stores outside London in Yorkshire.
The retail giant has signed a deal for a 60,000 square foot store which will anchor the new Eastgate Quarters development in Leeds. It joins John Lewis which has already agreed to develop an 85,000 sq ft department store on the site.
The Marks & Spencer store will be one of its biggest outside the capital, where it has its flagship Marble Arch store.
The company has agreed terms with The Leeds Partnership, which is developing the scheme in a joint venture between developer Hammerson and Leeds-based property group Town Centre Securities.
Marks & Spencer will retain its existing store on Briggate in the city and the new one will include a complete range of womenswear, menswear and childrenswear, as well as its housewares and furniture range and a food hall with a bakery and restaurant.
The Leeds Partnership gained planning permission for the £800m development, located in the Eastgate and Harewood Quarters of the city off The Headrow, in February 2007. Hammerson owns 90% of the joint venture while Town Centre Securities has 10%.
The scheme will include more than 100 retail units across 360,000 sq ft as well as restaurants and bars, a hotel, office accommodation, up to 600 newhomes and 2,700 car parking spaces.
It is anticipated that construction of Eastgate Quarters will begin next year, with completion in 2012.
John Richards, chief executive of Hammerson, said: “I am delighted that one of the UK's most successful retailers has committed to our scheme. This is a major step forward in our bid to bring a retail offer of the highest quality to the people of Leeds and the surrounding areas. Securing Marks & Spencer as an anchor tenant is a great coup for the development.”
Edward Ziff, chairman and chief executive at Town Centre Securities, said: “Marks & Spencer's decision to open a new store in Leeds gives a real boost to our plans for the city. We have been closely involved in Leeds for many years and are pleased to increase that involvement through the development of this exciting scheme.”
Iain Perkins, Marks & Spencer divisional executive, said: “The Eastgate Quarter will be a fantastic shopping environment. We are delighted to be anchoring the development with a brand-new M&S that will complement our existing Briggate store and strengthen the M&S offer across Leeds.”
