Fashion retailer Next has announced it is doubling the size of its store in Merthyr Tydfil as a result of increased customer demand – the new store will open in the Autumn as part of the extension to Cyfarthfa Retail Park.
The popular retail store has signed to take a 20,000 sq ft unit at a rent of £30 psf at Cyfarthfa Retail Park which will double to 40,000 sq ft after a tenant’s mezzanine is installed. The lease will be 15 years, negotiated by retail property specialist EJ Hales.
Next has previously occupied a 10,000 sq ft unit, plus a full mezzanine, at Cyfarthfa Retail Park since 2005.
The expansion of the retailer will create dozens of additional jobs. Marks & Spencer has also agreed to occupy a 50,000 sq ft unit at the newly extended park.
Cardiff-based retail specialist EJ Hales advised Next on the relocation of its store and the surrender of its current lease.
Robert Hales, partner at EJ Hales, said: “It is great to see that Next is in a position to double its store capacity. Over the last ten years, Cyfarthfa Retail Park has really grown in popularity and it is a really positive sign that some of its original tenants are now expanding into larger units which will further strengthen the Park. Next will also be looking for additional staff members which is fantastic news for the local community.
“We were delighted to help Next secure a very favourable deal on the new unit and we are sure that the new store will be a huge success for Next and its customers.”
EJ Hales has been at the forefront of the South Wales commercial property market for over 80 years. The practice specialises in retail and leisure property, both in town centre and out of centre locations and advises on some of the largest developments in South Wales. Clients include Tesco, Next, Argos, Subway, Specsavers, UBS, M & G Real Estate and Aberdeen Asset management & Mansford.