Stockton M&S lease could earn property firm £33m in rent

The store on the high street closed in August after more than a century in the town

An empty high street shop could earn its owners £33m in rent even if it stays empty for the next 235 years.

The former Marks and Spencer store on Stockton High Street closed in August.

Stockton Council wanted to buy empty shops to revitalise the area but discovered the company had signed a 283-year lease in 1971.

The retailer said it was still "exploring all opportunities" for the building. Danish site owners KS Habro have been approached for comment.

The local authority fears that, if the shop is not sub-let or sold or the lease renegotiated, the site would "probably remain empty".

'Rent levels'

Council chief executive Neil Schneider said it was in the interests of both Marks and Spencer and the council to see the shop filled.

"It is going to need an overseas owner accepting that they are not going to get the rent levels that they were getting, and stand to get, for another 200 years off Marks and Spencer," he said.

Accounts show property firm KS Habro is receiving £143,000 a year for the site, the Local Democracy Reporting Service said.

Habro UK has been contacted for a response.

The Stockton branch of the retailer was one of 100 closed across the country last summer.

It was announced on Tuesday a further 17 stores are earmarked for closure.