Private investor snaps up TK Maxx building for £2.25m

A building in Derby city centre occupied by retailer TK Maxx has been sold to overseas investors in a deal worth £2.25 million.

TK Maxx has been operating from the site, in Albion Street since 2017 – and has a lease on the building until 2032.

Close to the entrance of the Derbion shopping centre, it comprises three units, which were combined to create 34,464 sq ft of retail accommodation over three floors.

The deal was secured by FHP Property Consultants.

Darran Severn, from FHP, said: “I am pleased to have been involved in this sale and this has truly been a great result for all parties.

“The property has been sold to overseas investors who own several other assets that are let to TK Maxx.

“Albion Street has suffered in recent years but many of the shops on this street have changed ownership within the last 12 months and I believe this area will only get better.”

The TK Maxx building was initially bought in 2016 by RDI. At the time, Marketing Derby and Derby City Council worked with RDI to identify potential regeneration opportunities for the street and how to integrate its asset into those plans.

TK Maxx was keen to bring a new store to the city centre subject to several complicated conditions.

Working in partnership with the city council, Marketing Derby was able to help RDI secure the lease to TK Maxx, which brought 35 new jobs to the city.