Advised by Healey & Baker, Benetton has spent 12 months assembling the site for the 19,375 sf store. This involved buying in the existing leases held by Arcadia's Principles format and Ciro Citterio, paying a seven figure premium. Benetton then negotiated with the landlords - AXA and Legal & General - to take two new leases on the property, both expiring in 2020 at a combined rent of £2 million ($2.8 million) per annum. The new store will open in Autumn 2001.
Paolo Cau, Benetton's head of retail development in northern Europe said: 'Having tested the megastore concept in Italy, where we have opened around 30 units, and following the recent refurbishment of our Regent Street store, the company has been looking for another flagship store to the west of Oxford Circus. The new store will allow the company to offer the full range of Benetton products.'
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