Retail outlet village signs for Croydon's Allders store
A new local retail outlet village concept has agreed a deal to open at the former Allders department store in Croydon.
Property Week can reveal that Minerva has agreed a five year lease, with landlords breaks, with Croydon Village Outlet to take the entire 530,000 sq ft store, which is located on the corner of North End and George Street, and links into the Whitgift Centre.
The concept, set up by retailer Marco Cash, will sell national retail, footwear and furniture brands at discounted prices. A 28,000 sq ft space will be set aside for a world food hall.
Marco Cash and his Belgian business partner, Herman Pauwels, previously set up a Belgium fashion retail business called Belgisch Breigoed, which at its height some 10 years ago had 44 stores across Belgium. They also operate the Metro Clearance Outlet at the Metro Retail Park in Gateshead.
The 150-year-old Allders store went into administration and closed in September last year.
The Whitgift is at the centre of a planned redevelopment by Westfield and Hammerson, with an outline planning application due to be decided in September. The pair is understood to be in talks with local landowners, including Minerva, regarding the potential purchase of their stakes to widen the development site, and if unsuccessful they could resort to a compulsory purchase order.
Croydon Village Outlet managing director, Marco Cash, said: “The former Allders site is a prime and ideal location to launch Britain’s first inner city off-price retail outlet. We are investing millions of pounds refitting and stocking the store to create a shopping destination which the Croydon people are proud of and that will attract people from outside the town.”
Tim Garnham, joint chief executive of Minerva, added: “We are pleased to have secured Croydon Village Outlet as a tenant for the former Allders site, which is a landmark building in the heart of Croydon.”
Montagu Evans advised Minerva on the deal.