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Major retail expansion completed on behalf of clients CBRE Global Investors and Sovereign Centros

20/06/2016

Jones Hargreaves Partner Stephen Tones has recently completed a major retail expansion on behalf of clients CBRE Global Investors and Sovereign Centros, the UK retail and leisure developer and asset manager, with three new build units totalling 6,500 sq ft at Arnison Shopping Park in Durham, implementing an ongoing strategy to expand the district centre.

Units were pre-let to Maplin, the UK’s biggest specialist retailer of consumer electronics who signed for a 3,000 sq ft unit on a 10-year lease. EE, the largest digital communications company in Britain, signed for a 1,900 sq ft unit on a 10-year lease, and Newcastle-headquartered Greggs, the largest bakery chain in the UK, signed for a 1,600 sq ft unit on a 10-year lease. All three units are open and trading. These lettings follow the introduction of new food and beverage operators to the park in 2015 following the redevlopment of the former Pets At Home unit, who relocated elsewhwere within the park. Frankie & Benny’s, Costa, Subway and Muffin Break took a combined total of 8,000 sq ft, creating restaurant and café facilities for shoppers.

Arnison Shopping Park comprises 330,000 sq ft of retail and leisure space, more than 1,300 parking spaces and 26 stores. Major tenants include an M&S variety store, Sainsbury’s, Next, Outfit, Nike, Boots, Asda Living, Laura Ashley, Lakeland, Halfords, Smyths Toys, Pets At Home and Majestic Wine.