HIGH street giant Marks & Spencer has been slammed after agreeing to pay rent on one of its former stores for the next 235 years.
The branch in Stockton-on-Tees closed its doors in August last year after trading for more than a century in the market town. But it has now emerged that the struggling retail outfit will be paying rent on it until 2254, at an estimated cost of £33million. It is understood that the lease was signed by M&S in 1971 – for 283 years. Local Labour councillor Di Hewitt said: “Our senior officers are in contact with the people who own it. I don’t know why anybody would sign a lease for that long – it’s ridiculous.”
The shop remains empty and locals are worried about the detrimental effect the large, deserted building is having on their town.
Shabbir Hussain, 61, who has run a clothing stall in the town for 25 years, said: “Two hundred years is ridiculous. Stockton market used to be really busy but Marks & Spencer closing has had a big impact on that – there’s nobody here now.”
Judith Adams, 62, a caterer in the town, added: “That building’s wasted – before too long there won’t even be a high street. One person would never see the end of that lease.
“It’s ridiculous. I don’t know what they’ve got for brains.”
Peter Johnson, 70, a retired stall holder, said: “The market is on a decline, full stop. The older generation were great shoppers but now it is all online.”
Documents have revealed that Danish property firm KS Habro pockets an annual rent of £143,000.
