Retail Property - Dixons snaps up Staples Corner

Dixons Group has paid fund manager Hermes£45 million for the 12,000 sq m Staples Corner retail park in northwest London, and it plans to redevelop part of the site with a new flagship store for its Currys format.

Dixons Group is already the dominant occupier on the site, situated at the southern end of the M1 motorway. The park comprises eight units, three of which are let to PC World, The Link and Currys, alongside a UGC multiplex cinema and a Chiquito restaurant.

The retailer has already bought in the lease on a 3,250 sq m Focus store, which it plans to redevelop with a state of-the-art Currys store. At the same time, it will introduce a full refurbishment programme for the rest of the park.

Dixons Group property director Martin Meech said: 'The purchase of the park satisfies our strategic retail objective for this important part of London and has enabled the simultaneous disposal of the adjacent former Safeway site. We look forward to re-invigorating the park to provide quality facilities for our customers.'

Cushman & Wakefield Healey & Baker acted for Hermes, while Baker Almond represented Dixons Group.