Cllr White, Cllr Persaud and Cllr Benham outside the store (credit: Havering Council)
The store, in South Street, was purchased to protect retail opportunities for businesses in the area, according to the council.
M&S has a lease until March 2027 and will pay £849,418 in rent in the year from September, and Time 107.5 understands that is fixed to increase every year.
“Not only will this investment create an additional income for the council, but it also means that Romford will continue to provide a quality shopping offer for residents, with much-loved British retailers such as M&S,” Leader of Havering Council, Damian White, said.
“The upcoming Romford Masterplan, which will be published in December, and future masterplans for other town centres, will further demonstrate our commitment to sustainable retail and local business in the borough.”
The price the unit was bought for has not been disclosed but it had been listed for sale for in excess of £13,250,000.
Havering Council added that the purchase ties in with its regeneration plan to provide 7,000 high-quality homes in the next 12 to 15 years.
A spokesperson for Marks & Spencer said the change of landlord will have no impact on shoppers and they are committed to providing good customer service.
Tags: Romford, Havering, Liberty Shopping Centre
