Cotton On Group took over the lease for 127-129 Brisbane Street - the McKinlay's building - at the end of November with plans to carry out substantial renovations, including the possible addition of escalators, for a multi-floor retail space.

The company confirmed it would bring Cotton On Women's and Men's, Rubi, Cotton On Body and Kids into the one location, and would be vacating its St John Street shopfront.

The lease on the St John Street site was yet to be advertised.

Knight Frank leasing representative Charles Black said the Cotton On plans were exciting for Launceston CBD retail.

"We understand that Cotton On are finalising plans to develop a new mega store fit-out for Launceston which will see a number of brands located within the store," he said.

"They are hoping to have works commence in the new year, with an opening date of approximately three months from works commencing.

"This is terrific news for Launceston retail sector and fantastic such an iconic Australian brand is investing in the Launceston retail sector, and we look forward to the finalisation of their fit-out plans."

IN OTHER NEWS:

Other works on the building could also include the addition of pedestrian access on the York Street side, as outlined in the Knight Frank lease advertisement last month.

Best&Less last month stated it was "disappointed" that it could not extend the lease on the Brisbane Street Mall site, and that "the landlord's view and ours were not aligned".

The company chose not to comment further on whether it had been able to find an alternative site in Launceston since vacating.

Best&Less had been searching for an available, appropriately-located commercial building with at least 700-square-metres of trading floor space.

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