On behalf of Deloitte, commercial property advisors Cushman & Wakefield has recently arranged the letting of a prominent corner unit opposite House of Fraser on Corporation Street in Birmingham's city centre to Poundland. It is the UK's largest single price retailer's 500th store opening.
Poundland has taken a new ten-year lease on the store, which has a 7,000 sq ft ground floor sales area, at an annual rental of £355,000 per annum.
The store was formerly occupied by Gap, who have now consolidated their presence in Birmingham at the Bullring. Cushman & Wakefield retail partner Rob Alston said this was further evidence that Corporation Street is no longer a fashion location.
Alston said: “In the days when House of Fraser was known as Rackhams, this was a key location for the fashion outlets, but this began to change when the Bullring was opened a few years ago.
“We have since seen many fashion chains open outlets there, leaving units in Corporation Street and elsewhere available for other more convenience-type retailers.”
The new store is further evidence of the massive expansion of Poundland in recent years – the chain was founded in 1990, when it opened a store in Burton’s Octagon shopping centre. It opened its 100th store in 2004, at the Merry Hill Centre, and its 250th four years later.
Cushman & Wakefield acted for Deloitte's asset manager, Vale Retail.
Cushman & Wakefield also advises Poundland on its distribution network, as well as carrying out various rent review and lease renewals on their behalf.
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