Addington Capital has bought the former M&S unit at the front of its Harvey centre in Harlow, and it plans to extensively refurbish and redevelop the 60,000-sq ft three-storey store into eight modern retail units.
The project will provide a variety of units ranging in size from 1,500 to 30,000 sq ft to provide modern retail floorspace. The new units are due to be ready for occupation in Spring 2016.
This is the latest deal at the Harvey Centre, Harlow which Addington acquired in a joint venture in March 2011 as part of the Sapphire shopping centre portfolio. Recent deals include new leases to Specsavers, Haart estate agents, Creams Café, Subway and Real China Restaurants. A new £10m leisure development, called ‘The Terrace’ is currently under construction and is due to open in Autumn 2016 with pre lets secured to Cineworld, Prezzo, Tinseltown and Real China.
Addington partner Alex Wagstaff said: " The acquisition of the former M&S unit at the main entrance to the scheme will enable us to invest in a prominent town centre property and provide further floorspace for quality retailers. We have had a fantastic response so far from national operators for these new units, with over 70 per cent of the floorspace already under offer.”
GCW acted for Addington Capital.