The realisation of the 195,000 sq ft Cotswolds Designer Outlet took another step forward this week with news that Realm, the specialist outlet asset manager, has been appointed by developer Robert Hitchins Ltd to pre-let the premium 90-unit scheme and to then operate the centre when it opens.
Located on the edge of the Cotswolds, the outlet village is one of few new retail destinations in the pipeline and on target to launch in 2023. Its prime position next to Junction 9 of the M5, with its 21 million passing cars each year, offers access to an affluent and sizeable resident catchment and substantial tourist custom delivering an estimated annual spend of £3.6 billion.
With outlet centres continuing to perform well compared to the traditional retail market, brand appetite is strong. Realm’s leasing team is already in discussions with leading international designer brands, which they will seek to complement with independent local businesses.
Christine Grace, Leasing Director, Realm, said: “We have hit the ground running and are committed to delivering the right line-up for this exciting new destination. The edge of Cotswolds location offers a particularly affluent and fast-growing catchment area. The outlet sector offers a healthy potential income profile for investors and brand partners alike and this new scheme is already attracting the attention of world-class brands keen to take advantage of this brand-new destination in what is a prime spot.”
The outlet centre will sit alongside a South West flagship Dobbies Garden Centre that extends to 74,000 sq ft as part of a comprehensive new retail and leisure destination. The site will also deliver 850 new homes. The outlet scheme has been sensitively designed to use local and sustainable materials and complement the picturesque surroundings of The Cotswolds.
Simon Tothill, Property and Development Director, Robert Hitchins Ltd, said: “We are delighted to bring the Realm team on board to manage the pre-letting and ongoing lease advisory and management, bringing their significant outlet experience to the fore. On site infrastructure works are progressing well, and the construction of the new outlet shopping village will involve the use of local and sustainable materials, to create an industry leading new destination that befits its environs and fulfils the wishes of the modern and discerning shopper.”
