Primark to open a second flagship store on Oxford Street

Leading landlord the Cadogan Group, whose estate stretches across large parts of Chelsea including Sloane Square, has seen the value of its property hit a record high as a result of continued interest in the area.

Meanwhile Primark, the budget fashion retailer owned by Associated British Foods, is this week set to open a second flagship store at the eastern end of London’s Oxford Street as demand for its discount clothes continues to rise.

Accounts for Cadogan Group, chaired by Viscount Chelsea, show that the total value of its properties rose to almost £3.46bn at the end of 2011.

Gross rents at the company, whose remodelled Duke of York Square includes retailers Boggi, Massimo Dutti, and Agnes B, rose by 7.4pc to £99.2m in the year to December 2011. Profit before tax rose from £42.3m in the prior year to £71.6m.

Meanwhile Primark’s new 80,000 sq ft store, which opens on Thursday, will be one of the retailer’s largest in the UK. It is located at the east end of Oxford Street, the opposite end to the existing store which opened in 2007.

John Bason, finance director of Associated British Foods said: “I think it is a landmark in the development of Primark. The fact Primark can carry two very big stores at either end of the street is landmark.”

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