Prestons commits £7m to expand Rolex boutique in Leeds

The luxury watch retailer is growing its presence at Victoria Gate to 6,800 sq ft, underlining its confidence in Leeds, having chosen the city for its first UK store outside London in 2012.

In 2019, the Rolex store moved from Commercial Street to a unit at Victoria Gate, which is owned and operated by Redical, before plans were submitted for its expansion in 2021.

These plans encompassed two additional ground floor units and the entire first floor, previously occupied by Le Pain Quotidien.

The expanded store, which will be operated by Prestons, will include a Rolex Sales and Authorised Service Centre, private consultation rooms, a lounge and bar area, and a dedicated Rolex Certified Pre-Owned area. Both a Rolex-trained watchmaker and Rolex-trained technician will be available onsite.

Fit out is set to begins late this year, with completion scheduled for October 2027, and Rolex by Prestons will continue to trade from Victoria Gate during the expansion.

The investment further strengthens Victoria Gate’s reputation as one of the UK’s premier luxury shopping destinations.

Developed by Hammersons and opened in 2016, the £165m Victoria Gate was phase one of a two-part plan to redevelop the east of the city centre.

Last year, Khalbros and Torsion formed a joint venture to acquire phase two – Eastgate Quarter – from Hammerson, purchasing its assets on Templat Street for £26m.

Eastgate Quarter was originally intended to be another retail destination, although since the Covid pandemic and the resulting change in shopping habits, it will now be delivered as a £1bn mixed-use regeneration scheme in the city centre with up to 1,000 homes.

Karl Massey, managing director of Prestons said: “Our partnership with Rolex continues to take our business to new heights and this additional space will treble the area we currently enjoy.

“Rolex have designed a boutique which will feature their latest materials and store design, the perfect showcase for the Rolex collection”.

Rachel Bradburn, head of leasing at Redical, said: “The investment being made to upsize the store is extremely welcome. We fully endorse this expansion and are proud to support our retailers in increasing their presence across our destinations.

“This upsizing is testament to the success Prestons has had with the Rolex brand at the centre, as well as evidence of Leeds assuring itself as one of the premier shopping locations in the country.”

• Attend the West Yorkshire Development Update to hear from David Khalastchi, joint managing director of Khalbros, to find out more about the £1bn Eastgate Leeds development: BOOK NOW | West Yorkshire Development Update