Marks & Spencer Dismiss Chiswick Store Closure Speculation

Property company puts building up for sale retailer says store is safe

The site occupied by Marks and Spencer on Chiswick High Road has been put up for sale prompting speculation that it could be bought for redevelopment.

Property firm Topland Group has instructed real estate advisor CBRE to sell thirteen units including the one in Chiswick it acquired in a sale-and-leaseback deal with Marks & Spencer in 2001. The price is expected to be in the region of £500 million. They were part of a portfolio of 78 stores bought for £348 million back in 2001.

Chiswick Marks and Spencer

Local sources have suggested that there is potential to develop the site which is currently three storeys along with the adjacent two storey buildings. It is estimated that such a scheme could include around thirty flats.

Peter Arduino, capital markets executive director at CBRE said: “The portfolio will provide a stable income on fixed uplifts and valuable asset management opportunities. There is no doubt it will attract significant interest from the UK and global market, which is lacking a supply of interesting stock.”

The Chiswick store is operated currently as an M&S Foodhall. The incorporation of the current site with the adjacent properties would create a unit size that would be sufficient to house a store offering clothing as well. However, M&S have not been expanding the number of larger stores in West London recently. Last year they closed their branch in Hounslow.

A spokesperson for M&S said that the sale was nothing to do with the company. They did not confirm the remaining term on their lease.

April 18, 2016