Sainsbury's snaps up Waitrose site (From Bucks Free Press)

Sainsbury's snaps up Waitrose site

7:00am Friday 16th February 2007 in Marlow By Lucinda Adam

SAINSBURY'S has thrown a huge question-mark over the future of Waitrose in Marlow after securing a lease on the West Street premises.

The shock acquisition could result in the supermarket taking over the Waitrose foodstore - forcing it to vacate the building, after a 35-year presence in the town, when its current lease expires in December 2009.

Sainsbury's has taken a 28.5 year lease for the property, making it the head leaseholder over Waitrose which has less than three years of its tenure remaining.

Waitrose has effectively become a sub-tenant paying rent to Sainsbury's for its operation at the site.

The news from landlords Resolution Asset Management, acting on behalf of owners the UK Commercial Property Trust, came as a bolt out of the blue to Waitrose. The company has submitted two plans to redevelop the store in the last three years - both of which were refused by councillors.

Nigel Keen, director of development at Waitrose, said: "We are surprised and saddened to be in this position.

"Marlow residents have had a choice of supermarket up to now and Waitrose has had a long-term commitment to Marlow, both as a retailer and as a strong local employer.

"Waitrose will continue to trade in Marlow until at least December 2009 offering our customers continued high quality food and service.

"We are currently exploring all of our options and wish to secure a long-term presence in the town for Waitrose."

Customers were faced with long queues at Waitrose yesterday morning as bosses held a meeting to inform the store's 184 staff, known as partners, of the lease purchase.

Some employees have worked at the store since it opened in 1972.

After the meeting, one partner described the announcement as very sad news.

Gill Smith, Waitrose public relations manager, said: "Our partners have been told about the change in the leasehold structure and we are committed to updating them on the emerging situation."

Thames Property Solutions Ltd (TPSL) submitted an alternative planning application for West Street last month. The site is earmarked for multi-purpose redevelopment in the local plan.

Barbara Richardson, managing director, said: "The TPSL scheme provides a solution for the whole site, including housing, shops, restaurants and the park context as well as a foodstore.

"Despite being designed with Waitrose in mind, as they are the current occupiers, it will be attractive to either operator.

"It is a Marlow development, not a Waitrose development."

Sainsbury's already has a small store in the High Street. As we went to press, no one from Sainsbury's was available to comment.