The department store group said both parties ‘worked collaboratively to help secure this strong performing store’ in the centre of Northern Ireland’s capital.
The branch, which opened in 2008, covers 120,000sq ft and the deal has secured the jobs of over 500 members of full, part-time and concession staff.
House of Fraser said it is committed to fully renovating the store with investment upwards of £10 million. Design agencies have been appointed, with work due to start in mid-2019.
The retailer said the refurbishment ‘will see the store welcome a plethora of luxury and contemporary brands, creating the next generation of elevated department stores’.
House of Fraser head of elevation Michael Murray commented: “This marks a significant moment in the turnaround of House of Fraser, and we are committed to investing and remodelling this popular store. The landlord was very proactive and reasonable, and as a result we will elevate and invest in the store in order to create Belfast’s first luxury department store.”
Katharina von Schacky, global head of shopping at Commerz Real, added: “We worked very closely with House of Fraser to secure the new long-term lease in the city centre. This will further strengthen Belfast and it shows the unique position that Victoria Square has in the Belfast region.”
Belfast store is the 42nd store to have its lease extended since Sports Direct acquired the 170-year-old chain last August.