A NUMBER of new lettings have been secured for the Precinct shopping centre at Blaydon as it is rebuilt.
Operators Rockspring Property Investment Managers have signed up Home Bargains and Iceland to take stores in the centre, following agreements from Card Factory, Yellow Estate Agency, The Children’s Society and Semi Chem.
Home Bargains, one of the UK’s fastest growing discount retailers, will open a new 13,500sqft store on a 15-year lease. The store is expected to be open for trade in the fourth quarter of 2013.
Iceland will also be joining the discount retailer, and is currently fitting out a new 8,000sqft store that is due to be open for Christmas this year.
These tenants will be joining food retail giant Morrisons, which committed last December to opening a 70,000sqft store on a 20-year lease at the shopping centre, to include a petrol filling station.
Following the completion of the land acquisition from the local council by Rockspring, the development is now unconditional, and construction of the store is due to commence in early 2013, with an anticipated opening in autumn 2014.
Furthermore, a number of retailers have also pledged their long-term commitment to the scheme by renewing or re-gearing their leases including Boots, Greggs, Superdrug, Lloyds Bank and B&M.
Rockspring acquired the Precinct shopping centre in 2010 on behalf of its UK Value Fund in joint venture with Manse LLP. The current property, which is 97% let, totals 96,500sqft and includes 40 retail units.
In total, new lettings and lease re- gears have secured over £400,000 of additional income per annum.
Richard Bains, European director and UK Value Fund manager at Rockspring, said: “These transactions demonstrate that day-to-day shopping locations are an important part of the matrix of modern retailing.
“Blaydon can look forward to an exciting 18 months with the long-promised redevelopment due to start on site in February.”