Chester Properties secure Costa Coffee at Festival Park

London, 08 Jan 2013 – Festival Park, have secured the UK’s favourite coffee shop brand Costa Coffee, as a major part of improving the catering offer at the scheme.

Costa has taken a 15 year lease on a 1,400 sq ft unit at the centre, and will have exclusive use of a spectacular new decking area overlooking the schemes outdoor leisure facilities. Work has commenced on the unit which is due to open for Easter this year.

Festival Park is Wales’ original outlet centre, one of only two in Wales, comprising of over 40 units. Brands include Marks & Spencer, Gap, Nike, Clarks, Hallmark, Thornton’s and Sports Direct.

Ian Sanderson, Director of Outlets at Chester said, “The improvement of the centre over the last 3 years has seen turnover lift by over 29%, achieved by managing 75% of the retail space and improving many aspects of the visitor experience. The catering now requires attention and we are delighted to welcome Costa to the centre as part of the strategy. The newly created unit will offer the latest Costa Coffee shop fit and customer experience, with the added benefit of a spectacular elevated terrace.

We hope to announce other major lettings imminently which will continue to enhance Festival Park as the regions premier outdoor leisure and Outlet destination”.

Both of Chester’s Outlets, Festival Park and Springfields in Lincolnshire (Chester run for UBS Triton) were 100% let in the run up to Christmas, and both have extensive Outdoor leisure attractions to assist in driving footfall.

Knight Frank acted for Chester and Savills acted for Costa.

Knight Frank and CHD Property are joint agents on the scheme.

For further information please contact Gareth Thomas at Festival Park on
01495 350 010 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

MICHAEL LANDERS JOINS CHESTER PROPERTIES

Michael Landers, who established and ran the UK property private equity business for Cargill (now known as CarVal Investors) from 1997 until 2009, has joined Chester Properties, one of CarVal’s close operating partners, from the William Pears Group. Chester was set up in 1995 by Steve Lyall, and Michael and Steve first worked together on one of Cargill’s first UK deals in 1997. Various other successful joint ventures followed in both business space and retail, and most recently Chester concluded two transactions with CarVal in 2011/2012, buying 175,000 sq ft in 4 buildings at Stockley Park. The company also has assets under management for Columbus Capital, UBS and Chester Properties Third Investment Partnership.

Michael has comprehensive experience of Joint Venture structuring and financing, in addition to direct asset management, and will be focusing on developing new and existing relationships with investors as well as identifying and executing new investment and asset management opportunities.