M&S sign lease for £25m Gallagher development

Marks & Spencer has signed a lease with Gallagher Properties for a new store in Kent.

Gallagher, who bought the land and acquired planning permission, have said the net asset value for the development is £25m – with a construction value of £10m.

Construction of the 7,808m² store at Eclipse Park in Maidstone has now started, with completion due spring 2020.

M&S will then commence fit-out, with opening due later that summer.

The building will be clad with Kentish ragstone walling, with concrete set to be supplied by Gallagher Aggregates from nearby Hermitage Quarry.