REG-Lon.&Assoc.Props PLC: Sheffield Lease Regeared <Origin Href="QuoteRef">LAS.L</Origin>

London & Associated PropertiesAnnouncement

31/05/2016 08:05

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.” 
 
 Ends. 
 
 Contact: 
 
  John Heller, CEO, LAP                        Tel: 020 7415 5000   
  Baron Phillips, Baron Phillips Associates    Tel: 07767 444193    
 


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