Virgin has secured a site for a 15,500 sq ft (1,440 sq m) Megastore on Birmingham High Street, at the main entrance to Isis Property's 270,000 sq ft (25,085 sq m) Pavilion Central shopping complex.
The retailer, which already has a 14,000 sq ft (1,300 sq m) store on Corporation Street, has signed a 20-year lease at£750,000 a year. The anchor unit became available following Next's move from the centre to the nearby Bullring. The lease surrender was finally agreed in October, and Virgin is to take over the unit next July.
Virgin Retail head of property Graham Wood said: 'We see the location of Pavilion Central as crucial to the success and performance of the store. Our new position benefits from everything the shopping centre has to offer, as well as being at the centre of the city's main retail quarter.'
Isis Property was advised by Kitchen LaFrenais Morgan. CB Richard Ellis acted for Virgin Retail.
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