Debenhams’ new central London headquarters will be housed at property company British Land’s North East Quadrant (NEQ), it was confirmed today.
A 145,000 sq ft site at Regents Place, part of the real estate group’s 500,000 sq ft NEQ mixed-use development which saw construction work begin last October, will be occupied by the retailer from 2013 onwards.
Debenhams will take up 40 per cent of the building and has signed a letting deal with British Land for a period of 25 years.
Michael Sharp, the new CEO of Debenhams, said: “We are delighted to have secured space at Regent’s Place for our new headquarters.
“The estate is well positioned in the West End with great communication links across London.
“It also provides outstanding amenities and sense of community for its occupants. We look forward to working with British Land and moving into the new offices in 2013.”
Tim Roberts, Head of Offices at British Land, added: “It is particularly pleasing to welcome to Regent’s Place a major UK corporate such as Debenhams, with whom we already enjoy a strong relationship.
“Today’s announcement is a further endorsement of the quality and attractiveness of our 2.2 million sq ft office development programme to major occupiers.”
Debenhams today said it expects annual profits for the 2010/11 financial year to exceed current market expectations, although a tough high street environment meant like-for-like sales slipped 0.4 per cent year-on-year in the 52 weeks to August 27th 2011.