London & Associated Properties Regulatory News (LAS)

12 Jul 2005 06:00

FOR IMMEDIATE RELEASE12th July 2005 LAP SET TO CREATE 23,000 SQ FT FLAGSHIP STORE AT ORCHARD SQUARE, SHEFFIELD London & Associated Properties PLC ("LAP"), the specialist shopping centreinvestor, today announces that it is set to create a 23,000 sq ft flagshipstore at its highly successful Orchard Square shopping centre in Fargate,Sheffield.The move follows agreed lease surrenders on two key adjoining units in thecentre currently occupied by Dixons and Index, the catalogue retailer. Thiswill allow LAP to combine the two units into one substantial retail outlet,trading on three floors and with extensive frontage on to Fargate, Sheffield'sprincipal shopping street.These two units currently generate annual rental income of ‚£530,000 and vacantpossession of both units will be prior to January 2006. LAP anticipates thenecessary construction work to combine the units will take 10 months and thenew unit should be ready for trading by Easter 2007. Projected rents are inexcess of ‚£800,000 per annum.In addition LAP has acquired, with vacant possession, the Stonehouse publichouse. The Grade II listed building adjoins the rear of Orchard Square andprovides approximately 13,000 sq ft of space over two floors as well asextensive cellarage. John Heller, LAP's Chief Executive, said: "These acquisitions providetremendous scope to both extend Orchard Square and provide the size and type ofspace required by leading national retailers. There is already strong interestin the Fargate unit, and we are currently exploring a number of options for theStonehouse which could include amalgamating the building into Orchard Square tocreate a substantial retail unit to the rear of the centre." Ends. Contact:John Heller, Chief Executive, LAP. Tel: 020 7415 5000Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161ENDLONDON AND ASSOCIATED PROPERTIES PLC