Estama has let a 29,000 sq ft anchor unit at Kingdom Shopping Centre in Glenrothes to TK Maxx.
The store has been created from the subdivision and reconfiguration of the former Dunnes Stores department store. Estama negotiated the surrender of the long lease on the former Dunnes unit, which has been vacant since 2018.
Alex Butler, senior asset manager at Estama, said: “Securing a retailer of TK Maxx’s calibre is a significant milestone for Kingdom Shopping Centre and an excellent example of proactive asset management delivering tangible results. The former Dunnes unit had remained unoccupied since 2018 under a long leasehold arrangement, limiting the opportunities to bring it back into productive use.
“By successfully negotiating the surrender of that lease we have been able to take control of the space, completely rethink its future and secure a nationally recognised retailer that will act as a major draw for the centre. This is a transformational deal which reinforces Kingdom Shopping Centre’s position at the heart of Glenrothes’ retail offer.
“Re-anchoring the scheme with TK Maxx is expected to increase visitor numbers, strengthen retailer confidence and create further opportunities as we deliver the next phase of our strategy. It is also a reflection of the confidence shown by our client, Focus Fund, whose willingness to invest in the redevelopment has been instrumental in making this possible.”
