Next is to pull out of one of the capital's hottest trading locations, Brent Cross Shopping Centre in north London, in favour of a nearby retail development.
It has struck a deal with landlords Hammerson and Standard Life to hand back its 21,000 sq ft (1,950 sq m) store, and is replacing it with a 48,000 sq ft (4,460 sq m) outlet at Brent Cross Shopping Park, opposite the mall.
The park is being developed by Castlemore Securities, and funded by Standard Life Investments and Hammerson. Other pre-lets have already been agreed with DFS, Sports World and Borders.
For the first time, Next will trade from three levels at a retail park, with 17,400 sq ft (1,615 sq m) of retail space at ground-floor level and the remainder spread across two mezzanine levels.
Next property director Andrew Varley said: 'Our Brent Cross store is one of our highest turnover stores in London, and as a trading location it is hard to beat. We wanted to take advantage of this by expanding our presence in the area.' Talks are already under way concerning the unit Next is vacating.
Harvey Spack Field and Wilkinson Williams are joint agents for Brent Cross Shopping Park. Next was represented by Cushman & Wakefield Healey & Baker.
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