GCW advised Primark on an investment opportunity in Portsmouth, giving the retailer the option to double the size of its existing store.
Primark occupied a 40,000 sq ft store on Portsmouth’s premier shopping thoroughfare, Commercial Road, when the former Woolworths unit next door became available following the collapse of the business. Woolworths’ landlord had also gone into administration.
GCW devised and agreed a deal which was attractive enough to the administrator and would also deliver a guaranteed return for Primark. GCW also explored ways to make the best use of the space and advised on the options to renegotiate more advantageous terms from the lease.
GCW knew it was vital to be able to provide accurate and thorough advice to give both Primark’s board the confidence to go ahead very quickly and the administrators to believe that the deal could be delivered in the time required.
The deal resulted in Primark taking a 39 year lease at £7 million on the 59,125 sq ft former Woolworths store. Primark’s expansion into the next door unit in 2012 met its long term needs in a major centre and it is trading well.