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.

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.

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.

INFLUX OF NEW TENANTS AT SPRINGFIELDS OUTLET

Chester Properties have announced a batch of lettings at their East of England Outlet, Springfields, they Asset Manage on behalf of UBS Triton Property Fund. Nike Outlet are the latest to commit to the scheme taking 8,000 square feet anchoring East Avenue. Marks & Spencer have also committed to a further 2,500 square feet taking them to a store of over 13,600 square feet. BMB brand Jeff Banks is taking 1,500 square feet.

Stacatto, part of the Pavers Group are opening their fashion shoe store in 1,600 square feet after Skechers recently moved in to a 2,000 square foot unit there. Completing the new fascias are relocated stores for Petroleum and Coloroll with 3 more stores in Solicitors hands replacing poorer trading tenants at the scheme.

Ian Sanderson, Head of Outlets for Chester properties, said: “There is a very significant ‘feel good factor’ here at Springfields, and this is backed-up by the successes seen by our tenants. Turnover and footfall remain high, with turnover having risen by 19% and 21% in the last 2 calendar years and this is attributed to an attractive mix of stores on offer, great value prices and a relaxed, and different shopping environment.

“Springfields is, of course, more than just an outlet shopping centre. Our stores are complemented by extensive gardens,a wide range of places to eat, a 42 bedroom hotel and leisure activities for children. We work hard with our brand departments to deliver an excellent shopper experience”.

Chester have also seen huge growth in their Festival park outlet in Ebbw Vale since attracting M and S Outlet into 10,000 sq ft and Gap Outlet into 7,000. A batch of new names are expected there soon with the addition of 2 major leisure attractions currently under construction.