Fashion retailer New Look agrees five-year lease extension in Staffordshire city
New Look has secured a five-year lease extension after Lichfield District Council agreed new terms for the store.
The previous lease expired on January 16, and without a new agreement the fashion retailer would have vacated the unit in Market Street.
New Look informed the council it wished to remain in the property and extend its lease. Terms have now been agreed which include "appropriate protections" in conditions and break clauses.
The rental income has not been disclosed, but commercial property consultants Burley Browne advised the council that the agreed figure reflects current market conditions. Under the terms of the lease New Look will be responsible for the maintenance of the property.
Councillor Rob Strachan, Lichfield District Council's cabinet member for finance and commissioning, told cabinet members: “We have a provisional agreement to extend that lease, with appropriate terms and appropriate break clauses. It appears to be from the advice of our professional advisers an appropriate weighting of that lease and at the best possible value that can be achieved.”
Alternatives including selling the property, remarketing it to a new tenant, council occupation or conversion to another use were considered but rejected, as none were expected to offer better value.
Councillor Andrew Smith, deputy leader and cabinet member for leisure and major projects, said: “I support this. I think New Look wants to extend and renew the lease, we want them to. We don’t want an empty building on the high street, so therefore I will be supporting this.”
