Monday, 23 March 2009

A New Look again at town rentals

Just a passing comment that my mole* tells me that New Look Retailers are purchasing the lease from Woolworths PLC (in administration) fro 6 King Street and 23-35 Halkett Place - which is all the old Woolworths store. This lease comes to £807,500 - so the administrators should certainly have some funds for payments in lieu of notice to reimburse the States.
It is a huge rental value for a town shop, but lots of shops in St Helier have large rentals, which makes all the empty shops not so surprising, as no landlords are prepared to lower rentals in the recession, and it is the retailer who is squeezed out of existence.
(*This information is public domain, as it passes through the Royal Court's property transactions)

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