Debenhams to move HQ to British Land building

20th Sep 2011 07:27

Department store group Debenhams is to move its headquarters to north-west London in the summer of 2013 when work is completed on property giant British Land's mixed-used development at Regent's Place, London, NW1.The real estate investment investment trust has agreed to let 145,000 square feet of office space to Debenhams, which will occupy the bottom five floors of 10 Brock Street for a period of 25 years.A new office building is being developed at Regent's Place as part of British Land's 500,000 square feet mixed-use development at the North East Quadrant (NEQ). Work started on site almost a year ago in October 2010.The NEQ development will also have 40,000 square feet of retail and community space as well as 120,000 square feet of residential accommodation."The letting secures long-term income on the lower floors underpinning investment value, leaving the opportunity to attract premium rents on the higher floors closer to the building's completion date," said Tim Roberts, Head of Offices at British Land. --jh