Press releases
Primark second Oxford Street store announced
5 August 2010Primark Stores Limited and Oriana GP Ltd., the 50/50 joint venture between Land Securities and Frogmore Real Estate Partners LP, are pleased to announce that they have entered into a conditional contract to lease the entirety of Oriana's new retail units together with all of the upper floors at the eastern end of Oxford Street, W1.
The buildings, which amount to approximately 141,000 sq ft of gross internal space of which Primark hope to trade 85,000 sq ft, comprises the former Virgin/Zavvi store, a new build at 18/24 Oxford Street plus the space previously occupied by Sportsdirect.com as well as a unit onto Tottenham Court Road.
Construction commenced on site at the beginning of the year and the base shell building will be completed by Oriana by June next year.
Often seen as the poor relation, this end of Oxford Street will be considerably uplifted as a result of this store opening, in addition to the Crossrail/Tottenham Court Road tube station improvements and the recently announced improvements to the St Giles Circus public realm.
Frogmore’s Paul White commented that this strategically important letting is an exciting development in the regeneration of these buildings and Oxford Street East and St Giles Circus. It would, he said, redefine this end of the street in the same way as the Marble Arch end, following Primark’s opening in 2007.
Paul Marchant, Primark’s Chief Executive, said: "We are pleased to be part of this redevelopment plan and we hope that the new Primark store will act as a key catalyst for the regeneration of the Tottenham Court Road end of Oxford Street."
Richard Linnell of Land Securities said, "This deal is further evidence that for the right spaces in the right places, retailers are still keen to grow their presence and further cements the attraction of Oxford Street as a major retail centre."
Erol Ezen of Thomas Davidson represented the Oriana JV and Tim Newman of Harper Dennis Hobbs acted for Primark
-Ends-
For further information, please contact:
Land Securities
Press
Donal McCabe / Melissa Winsor
Tel: +44 (0) 20 7024 5460 / 5079
Investors
Ed Thacker
Tel: +44 (0) 20 7024 5185
E: investor.relations@landsecurities.com
