New zavvi HQ established and further retail expansion on the horizon.
Following its management buy-out from Virgin Megastores UK, zavvi entertainment group has relocated from its former base in The Schoolhouse, Brook Green to a new 12,100 square foot office at Horatio House on Fulham Palace Road in Hammersmith.
Colliers CRE advised zavvi, the UK and Ireland's largest independent entertainment retailer, on the move and secured a rent agreement of £26 per square foot. It has 2,500 employees and 90 of them will be based in the company's headquarters.
The office deal was agreed following a number of new store acquisitions for 2008 in Belfast, Blackpool, Bristol, Camberley, Cardiff, Glasgow, Leeds and Liverpool on behalf of the retailer. A number of further acquisitions are currently under consideration in Newcastle, Bath, Edinburgh and Wakefield. Colliers CRE also disposed of zavvi's Camden store to fashion retailer H&M and Victoria to Vision Express.
Simon Douglas, CEO at zavvi, comments: "We have ambitious growth plans that involve opening new stores in many locations throughout the UK. We aim to open between five and ten stores per year over the next 3 years and need to work with a firm who can act quickly in order to achieve this. We've already secured four sites in 2008 and are well on our way to hitting our target thanks to the team at Colliers CRE."
Paul Moody, Director of Retail Agency at Colliers CRE and Key Account Manager for zavvi, concludes: "Colliers CRE has a long history of working with entertainment retailers and we are delighted to be working with zavvi in the UK and Ireland."
Further information
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