May 14, 2012
Capitol Shopping Centre in Cardiff, is to undertake a major investment programme which will see Tesco and easyGym open in the city centre scheme.
Tesco will open an 11,590 sq ft ground floor unit on a 20 year lease. They will pay a £250,000 rent pa for the store which will be their Metro store concept.
Meanwhile low cost membership fitness centre group, easygym is to take a 17,500 sq ft first floor unit overlooking Queen Street. easyGym will pay a rent of £140,000 pa after signing a 20 year lease at Capitol. It will be Easygym’s third opening in the UK.
The addition of Tesco and easyGym will complement the existing retail mix and will help increase footfall from Queen Street.
As well as the new anchors, Caffe Nero has also signed a 10 year lease for a 1,500 sq ft store fronting Queen Street. Caffe Nero will pay a £50,000 rent per annum and are due to begin their fit out at the start May.
Speaking about the deals, Mark Holmes of Moorfield Group, the investment and asset manager of the Moorfield Real Estate Fund (MREF) which owns the centre, said: “These anchors will help to drive footfall and broaden the appeal of the Centre. The retailers have located in Capitol to benefit from the busy footfall of Queen Street which according to Cardiff Council footfall figures is still the premier shopping location in Cardiff.
“Capitol Shopping Centre also benefits from the significant footfall from Queen Street railway station which is about to undergo a refurbishment including additional platforms to accommodate over 4 million users each year.”
Reconfiguration works in the centre will begin in May with the new anchor stores due to open in the Autumn 2012.
Capitol Shopping Centre was acquired by MREF in November 2005 and is managed by Plus Shops Retail Ltd. The scheme currently totals 160,000 sq ft of retail accommodation across two levels, together with an adjoining 420 space car park. The centre is home to a multitude of leading brands including H&M, Hobbs, Phase Eight, Jaeger and Fat Face.
Kitchen La Frenais Morgan and Macarthur Wilson acted for Moorfield Group, EJ Hales advised Tesco while Lyndon Yeomans represented Easygym.