The acquisition of the Next unit will see River Island increase their "oor space by approximately 373 square metres over two levels. The unit was held under a 25 year lease from July 1993 at a passing rent of 167,000 per annum.

River Island is believed to have paid a premium in excess of 200,000 for the leasehold interest.

The decision by Next to vacate the premises in Cruises Street comes as no surprise, having recently opened a new 1,809 square metres store over two levels in the Crescent Shopping Centre where they have also been joined by River Island, Zara and H&M. The UK fashion retailer has also opened a further store in Childers Road Retail Park Scheme.

Karl Stewart of DTZ Sherry FitzGerald who represented Next says "Although they have vacated their store on Cruises Street, Next is opening two signi"cantly larger stores.

The strength of the city centre has been underlined by the fact that River Island is not only extending its store but has taken an additional unit in the Crescent Centre."

River Island was represented by Caren Leon of CBRE in London on the acquisition.