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News Release

London

Jones Lang LaSalle acquires first store for Waitrose in Ipswich


London, 24 October2011–Jones Lang LaSalle’s London-based retail team has located and agreed terms on a convenience store for Waitrose at the Corn Exchange in Ipswich within its remit as the supermarket’s retained property agent for the northern region in the roll-out of this smaller format.

Waitrose will occupy around 5,000 sqft of the ground floor of this historic building which will give the retailer a presence in the town for the first time. The popular venue hosts a variety of acts and is also home to the Ipswich Film Theatre.
Waitrose overcame numerous challenges to design an innovative store layout because of the uneven floor levels and, more importantly, the building’s listed status.

The landlord, Ipswich Borough Council, agreed a new 15-year lease with Waitrose, including a tenant’s break clause at the end of the tenth year. No rental details are being disclosed.

Paul Faulkner, Director in Jones Lang LaSalle’s London office, commented: “This new store for Waitrose demonstrates that the supermarket chain is now making real headway in its convenience store opening programme as well as showcasing its ability to work harmoniously with buildings of great historical importance.”

This year, Waitrose is seeking to open at least 25 new convenience stores and its ultimate aim is to open 300 convenience stores by 2020.
Savills represented the borough council in the Ipswich deal.