Sovereign Centros, UK retail investor and asset manager, and Orion Capital Partners, have accelerated plans for an exciting new fashion mall at Telford Shopping Centre, by signing major pre-lets with fashion giants Next and New Look
Both retailers are substantially increasing their presence in the centre with Next upsizing to a 30,000 sq ft store and New Look to a 16,000 sq ft store on new 10 year leases, demonstrating their commitment to the region’s leading shopping and leisure destination.
The fashion mall will see the redevelopment and extension of the New Row and New Street malls, retaining House of Fraser as the anchor as well as existing tenants Zara and River Island. A newly created link will greatly improve shopper circulation and create new stores to meet modern fashion retailer requirements and a number of other pre-leasing discussions are in hand. The new development will open in Autumn 2018 alongside a new bus station facility.
The fashion mall is one of three ongoing development schemes which will transform the 1.2 million sq ft centre. The leisure development, known as Southern Quarter, will open its doors for Easter 2017 and building will commence for the Northern Quarter development, to be anchored by a mainstream supermarket chain, in summer 2017.
Alexandra Pugh, Senior Leasing and Asset Management at Sovereign Centros commented: “We are delighted to have secured Next and New Look to anchor our new fashion development. These are major lettings which reinforce Telford as a powerful regional destination. We are in detailed discussions with a host of other retailers new to the town, and will be making further announcements in due course.
“Our continued investment in Telford Shopping Centre, including the new Northern and Southern Quarter developments, will strengthen Telford’s status as the region’s dominant retail and leisure location.”