Big bras retailer Bravissimo has agreed a 10-year lease with Scottish Widows to occupy the 4,000 sq ft former Timberland store in 40-42 King Street, Manchester, with further deals expected shortly on the struggling upmarket retail pitch.
The headline rent is £125,000 a year with additional turnover rent over an agreed target. The sole letting agent was Tushingham Moore. Bravissimo will relocate from Corn Exchange.
Jonathan Thompson, partner at Tushingham Moore, said: "Securing a well-known destination retailer for King Street is great news. They were trading well from the first floor of the Corn Exchange, pretty much on their own, so relocating to a much more prominent unit on King Street and being able to push their Pepperberry sports brand as well should widen their customer base in Manchester.
"They will be installing a new shop front and radically remodelling the basement area for retail sales and fitting rooms and are investing a lot of money.
King Street has suffered high vacancy rates after several upmarket retailers retreated to focus on London but Thompson is confident for the outlook in 2014.
He added: "It should be a big year for King Street this year. The assignment of 19 King Street should complete shortly to another well-known retailer, 13-15 King Street is close to going under offer and I also have an offer on 46 King Street that is being worked up. The repositioning of both the Corn Exchange and Spinningfields to a more leisure targeted tenant mix has meant good quality retailers are now refocusing on King Street as rents have come down, rateable values are being rebased and the tenant mix is improving."