The furore that erupted after the Crown Estate refused permission for TK Maxx to open a store in Piccadilly Circus has been resolved in an out-of-court settlement.
After signing a deal with TK Maxx to open a store in the unit on the corner of Haymarket and Piccadilly Circus, Criterion Capital, manages the property on behalf of leasehold owner Golfrate, clashed with the Crown Estate, which owns the freehold on the building.
The dispute, revealed by Retail Week in April, led to the Crown Estate branding TK Maxx “unfit” for the area and refusing permission for it to trade in the unit.
During the subsequent high-profile battle of wills, publicist Max Clifford launched a campaign backing TK Maxx’s bid to open in the unit in which a number of celebrities gave the retailer their backing.
The dispute was due to be resolved in a court hearing in September after Criterion launched legal proceedings against Crown Estate’s decision.
Instead, Criterion has dropped legal proceedings against the Crown Estate and will open a souvenir shop called Cool Britannia in the unit.
Criterion Capital owner Asif Aziz said: “We’re delighted to have reached an agreement with The Crown Estate and are excited about taking this forward in the run up to 2012.”
Both parties said today that they have agreed to take a more collaborative approach to developing the area as part of Crown Estate’s long-term plan to improve the retail offer in and around Piccadilly Circus.
Crown Estate head of urban asset management James Cooksey said: “It makes sense to work together at Piccadilly Circus to deliver our joint goals. A partnership approach will help The Crown Estate achieve its aims for its Piccadilly and St James’s holdings and will help Criterion Capital make a success of its Trocadero and Leicester Square holdings.”