Next has opened three new stores in Farnborough, Chelmsford and Lowestoft and exchanged contracts in Gloucester and Salisbury as it renews its out-of-town commitment.
At Gate Retail Park in Farnborough, Next has agreed a new 10-year lease with landlord Henderson on a 10,860-sq ft unit and will pay an annual rent of £434,400.
The fashion retailer has agreed a new 10-year lease with Morley at Chelmer Village Retail Park in Chelmsford. Next will pay an annual rent of £300,000 on the unit, which totals 10,000 sq ft.
In Lowestoft, Next has taken a 10-year lease from landlord Brookhouse Group on a unit at North Quay Retail Park, which totals 9,325 sq ft, and will pay an annual rent of £154,000.
At Salisbury Retail Park, Next has exchanged contracts with Lothbury Property Trust and is due to open its new 12,500-sq ft store in summer 2007. The fashion retailer has taken a new 10-year lease and will pay an annual rent of £237,500. Lothbury Property Trust was represented by CB Richard Ellis.
Finally, Next will open a new store in summer 2007 at Quedgeley Retail Park in Gloucester. A 10-year lease has been agreed with Robert Hitchins on the unit, which totals 8,350 sq ft, at an annual rent of £158,650.
Savills advised Next on all deals.
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