A Danish property firm stands to gain more than £33m in rent from a former Stockton store - if nothing changes for the next 235 years.

The former Marks and Spencer site in Stockton High Street closed last summer and has sat empty since.

But a lease signed by the retail giant is set to last until the 23rd century - meaning it will have to pay out more than £140,000 a year until 2254 if a deal cannot be renegotiated.

It is understood the lease was signed by M&S in 1971 - lasting a whopping 283 years.

Account documents have revealed the Danish property firm, KS Habro, pockets the rent which comes to £143,000 a year.

Totted up, it equates to more than £33m until the year 2254.

Efforts are ongoing to trying to get a new tenant through the door.

Marks and Spencer store on Stockton High Street
Marks and Spencer store on Stockton High Street

Stockton Council Chief Executive Neil Schneider shared concerns about the "200-year lease" last year - warning it could sit empty if the deal was not renegotiated or the building was sub-let.

He said it was in the interests of both the council and Marks and Spencer to see it filled.

Mr Schneider added: "We would love to see it brought back into active use to support all the other activity in the town centre and re-purpose it.

"But 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."

Knowing who owns which buildings has been a dilemma faced by council chiefs in Stockton town centre.

Last year it agreed to borrow £30m to invest and buy up sites in town centres across the borough.

The council is to bid into the government's new £675m "Future High Streets fund" this year.

Councillors also agreed to purchase a "significant town centre site" late last year - but details of the site were kept under wraps and debate was held behind closed doors.

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Stockton leader Bob Cook was shocked when he heard the length of the initial lease on the former Marks and Spencer building.

Marks and Spencer said it "was exploring all opportunities" for the building lease last year.

Presented with the latest figures, a spokeswoman for the firm said there was not much change from their past position and it was still exploring opportunities for the buildings.

The closure of the Stockton branch of M&S was part of measures to close more than 100 stores across the country.

A further 17 stores earmarked for closure were unveiled on Tuesday.

Habro UK has been contacted for comment on the Stockton High Street site.