FOR IMMEDIATE RELEASE
31 May 2016
LONDON & ASSOCIATED PROPERTIES PLC (“LAP”):
ELIMINATION OF BREAK CLAUSE AND LEASE EXTENSION TO TK MAXX ORCHARD SQUARE UNIT
London & Associated Properties Plc today announces a restructuring and extension to the TK Maxx lease on its Orchard Square, Sheffield, anchor store.
The retailer, which has occupied a key store at the shopping centre for some 20 years, has agreed to remove a break clause exercisable in August 2018 and extend its lease by a further three years to March 2026. This will give LAP an almost 10-year unbroken term at a current rent of £475,000 a year.
John Heller, LAP’s CEO, said: “This re-geared lease reinforces Orchard Square’s position as one of Sheffield’s pre-eminent retail locations and reflects our anchor tenant’s commitment to the centre.
“Although TK Maxx has been a tenant for many years, the current 46,000 sq ft store was created for it in 2008 as part of our continual asset management programme that has improved and upgraded Orchard Square’s retail offer. The unit has always traded successfully and by extending the lease we are ensuring TK Maxx’s presence is maintained at the centre. We were aware that the retailer had been approached by other city centre property owners but ultimately it considered Orchard Square as its preferred fashion location.”
|John Heller, CEO, LAP||Tel: 020 7415 5000|
|Baron Phillips, Baron Phillips Associates||Tel: 07767 444193|