Major tenant signings set to fill Festival Park

Chester Outlets have announced details of four new tenants set to take Festival park in Ebbw Vale to 100% occupancy.

Europe's biggest single price retailer - with over 470 stores - Poundland is set to open its first ever 'Poundland Outlet' store, occupying a 7000 sq ft unit at the Ebbw vale site and replacing locall operator Poundline. The new store will open on 22nd August.

Other big names confirmed to open in August include international lifestyle brand Bench in a 2500 sq ft store.

ladies fashion retailer Autonomy has taken a 1500 sq ft at the centre. The London born label has built a reputation as a quality ladies tailoring brand, offering a wide selection of affordable, feminine and co-ordinated ranges with timeless styling.

In a first for Wales, The Beauty Outlet - has opened with over 20,000 discounted beauty products - they have signed a five year lease on a 1500 sq ft unit, and are trading at  very high sales densities in the centre.

These are on the heels of other recent signings - including Wales' first Jacques Vert store and coffee ginat Costa. The latest lettings continue the momentum and successful turnaround of the 40 unit, 80 acre scheme, creating another fifty new jobs in the process.

Speaking about the new additions to Festival Park's tenant portfolio, Chester Properties Director of Outlets, Ian Sanderson said:

"To welcome yet more high profile names to Festival Park including the first Poundland Outlet, is quite an achievement, especially as it now takes us to 100% occupancy.

Most shopping centres in the UK are not the large battleship centres often read about and it continues to be a difficult trading environment for many smaller centres and many retailers. Vision and creative management has never been more important in delivering a thriving Outlet or retail scheme".

Deals with Bench, Autonomy and The Beauty Outlet were concluded directly by Chester Outlets - Poundland was secured by CHD.

 

First closing of the Chester Properties Investment Partnership Fund

Chester Properties has announced the first closing of the Chester Properties Investment Partnership fund, having raised £40 million of equity. With gearing, the Chester Properties Investment Partnership will have funds in the region of £150 million at its disposal. It will be targeting opportunistic investments with potential for improvements, with larger lots being purchased in joint ventures with existing partners of Chester Properties.

MARKS & SPENCER sign at Ebbw Vale

We are delighted to announce that we have secured Marks & Spencer as the new anchor at our Festival Park Outlet Shopping Centre, Ebbw Vale. M&S have taken a 10 year lease on a 10,000 sq ft outlet store, which is due to open on 1 October. M&S will be a massive draw to the scheme and provide a significant boost to our ongoing revitalisation of Festival Park as a major outlet shopping destination. We look forward to announcing other exciting new lettings in the near future.

GAP signs up at Springfields, Spalding

Chester Properties, on behalf of owner UBS Triton Property Fund has secured GAP to anchor the £11 million extension to its Springfields Outlet Shopping Centre in Spalding. GAP has taken a 10 year lease on a 6,500 sq ft store at the centre which will total 155,000 sq ft when fully open later this month. Less than a fortnight ago, Chester announced new fashion lettings to upmarket handbag label Tula, lingerie shop Leia, and fashion label Klass has taken 2,000 sq ft for a flagship store.

Chester Buy Brandon Centre, Motherwell

Chester Properties Investment Partnership, in joint venture with Columbus UK Real Estate Fund, have completed the purchase of the Brandon Shopping Centre, Motherwell. The centre provides 350,000 sq ft of retail floorspace in 91 units and comprises the prime retailing pitch in Motherwell.

An excellent value retail line up includes Primark, Wilkinsons, Peacocks, Poundland, New Look, Dorothy Perkins and Boots. The scheme is let at sensible rental levels of £20-55 per sq ft Zone A with an average unexpired lease term in excess of 14 years.