House of Fraser is close to securing its first out-of-town store.
The department store chain is in talks with
The Whiteley Co-ownership – the BL/USS joint venture that owns the scheme – was granted planning permission to demolish and redevelop the 165,000 sq ft outlet scheme as a 242,000 sq ft neighbourhood centre and public space in September.
Agents said the deal would be a coup for landlord and tenant.
“House of Fraser, like other department stores such as Debenhams, will find it difficult to acquire stores in the out-of-town sector because there are very few new schemes,” said one source. “The rents on existing schemes may also often be too high for them.”
House of Fraser has been searching for out-of-town locations since the autumn, when it hired DTZ to handle the search. It first examined the possibility of taking smaller stores outside of city centres in 2007, but put the search on hold because of the credit crunch.
The move out of town mirrors that of rivals Debenhams, John Lewis and Marks & Spencer.
Morgan Williams and Wilkinson Williams are advising the Whiteley Co-ownership.
annabel.dixon@estatesgazette.com
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