Sovereign Centros, on behalf of Europa Capital, has completed the freehold sale of a former TJ Hughes building in Corby town centre to Sports Direct. The move is a major boost for the town centre and will see the retailer relocate to Queens Square from an out of town retail warehouse park.
Simon Phipps, Senior Leasing, Development and Asset Manager at Sovereign Centros comments, “This is an excellent move which secures Sports Direct’s future in the heart of Corby town centre and will be widely welcomed by other town centre retailers, and Corby’s shoppers alike.”
Sports Direct will be trading their USC fashion and Sports Direct brands from this new store. Work is expected to start on a full refurbishment of the building imminently, with an opening planned for Easter 2020.
The 46,416 sq ft building facing onto Queens Square was last occupied by TJ Hughes, before the retailer closed its doors in 2011. The majority of the building was held on a long lease with 55 years remaining to Leto Limited, managed by APAM Ltd, but TJ Hughes’ closure left a major hole in the town’s high street.
Corby Town Centre SARL owned the freehold of the building so the deal involved a number of parties working collaboratively together to secure a long-term retail occupier for the building.
Sports Direct were advised by Bidwell Webber De Pons.