Property company to develop flagship store
A Northern Ireland property development company has announced plans to create the largest TK Maxx store in the UK.
Bangor-based MAR Properties is to develop the discount retailer’s flagship store in Glasgow’s Argyle Street on a prominent corner site.
Argyle Street, which is one of the main shopping areas of the city, is currently undergoing a major re-development.
The TK Maxx store, spanning 70,000 sq ft, will be located in an existing building on the site which is set to be transformed.
The retailer will be the anchor tenant in an 85,000 sq ft mixed use development comprising a basement, ground, first and second storey retail space with leisure/office accommodation on the third floor.
Work on the re-development commenced two weeks ago and will cost in the region of 5 million to complete. Capital value of the project is in excess of 30 million pounds.
MAR Properties’ Commercial Director, Mark Rebbeck said;
“This exciting re-development of a landmark block in the city centre will add a new level of retail experience to Glasgow’s prime retail core and confirms both MAR Properties and TK Maxx’s confidence in the retail market within Glasgow City Centre.’’
Sisk, the major building contractor which has clients throughout the UK and has an office in Belfast have been awarded the construction contract for the scheme.
Mark Barr, Sisk (NI) said:
“Sisk are very happy to be involved with MAR Properties on their new development at Argyle Street, Glasgow. We view our relationship with MAR Properties as a successful partnership as Sisk continue their business development plans for Northern Ireland and Scotland.’’
Donall McCann of Asset Management specialists BTWShiells, the property agents assisting MAR with the scheme, said to secure TK Maxx as the anchor tenant was a “fantastic result for our client at a time when the retail market remains very tough.’’
The new TK Maxx store is due to open by Christmas this year.
MAR properties has been involved in a number of high profile schemes in recent times. As joint venture partner with Karl and Greenfarm properties, the company was appointed last year by the Department of Social Development as preferred developer of the proposed regeneration scheme at Marine Gardens in Bangor.
Last month, MAR signed a development agreement with Sainsbury for a 60,000 sq ft store on nine acres forming part of the regeneration of a former industrial site in Dundonald.
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Tuesday 14 February 2012
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