23rd March 2023
This spring sees the welcome return of a popular retail chain to Corby. Asset Manager Sovereign Centros, acting for new town centre owners Magnetar Capital and Northdale Advisors have signed a landmark 10 year deal with discount department store group TJ Hughes for 23,000 sq ft of space in Willow Place formerly home to several Arcadia group stores and Pep & Co. TJ Hughes previously occupied a unit in Cardigan Place which they vacated in 2011.

TJ Hughes offers worldwide designer brands and quality goods at discounted prices, with a strong presence both online and in traditional high street department stores. On offer are not only essentials, but innovative and inspiring products, with regularly updated, affordable product lines to meet the changing needs and expectations of customers. The vast portfolio of brands includes such household names as Morphy Richards, Nike, Wrangler, Lewis’s and Calkin Klein, plus many more.

Commenting on the deal, Jason Harmer, Chief Operating Officer of TJ Hughes, said: “I am extremely pleased to confirm that TJ Hughes are to open a new store in Corby this spring. I am looking forward to bringing back a department store offer to Willow Place and this will hopefully be very welcome news to the local community. The opening should provide up to 30 new jobs in the community and the Corby shopper can again have the option to shop for everything they want close to home. Our opening will also benefit a number of other retailers who are already in the centre and help the local shopping environment to thrive. The TJ Hughes store will offer big brands and discount prices across home furnishings, men’s fashion, ladies’ fashion, electrical, kitchen, luggage and seasonal departments.

Work on site is expected to start imminently, with the planned opening date to be announced shortly.

Simon Phipps of Sovereign Centros adds: “The arrival of TJ Hughes introduces a new retailer with a broad shopper appeal that will undoubtedly further enhance the mix and attractiveness of Corby town centre. They will occupy a prominent unit that overlooks the central Queens Square to further boost footfall to this part of the town centre.”

Corby town centre attracts around seven million visitors each year, with 150 units across 700,000 sq ft including high street favourites Primark, TK Maxx, H&M, Wilco and Boots. A retail park is also on the site alongside 750 parking spaces. Corby is one of the fastest growing towns in the UK, with a population of c70,00 people. Corby has undergone a significant regeneration process with the opening of Corby railway station and Corby International Pool in 2009 and the Corby Cube building opening in 2010. Additionally, in January of this year, the new owners leased a 40,000 sq ft former office building to Bedford College on a 25 year term certain lease.  The c £20 million investment  into this asset to create a carbon neutral educational facility which will act as a base for 600 students plus staff. The College is expected to open to new students in September 2023, bringing further vibrancy and footfall into the town centre, boosting the local economy and providing employment opportunities for many Corby town centre businesses.

Wright Silverwood and Savills are the leasing advisors to Sovereign Centros, Northdale Advisors and Magnetar Capital on the transaction with TJ Hughes.

Magnetar Capital and Northdale Advisors acquired Corby Town Centre in November 2022 as part of their wider UK Town Centre retail investment strategy.  Magnetar and Northdale also acquired One Stop, Perry Barr and Yate Town Centre and Riverside Retail Park in 2022.