October 16, 2016
Sovereign Centros, the UK retail and leisure developer and asset manager, has agreed deals with Next and New Look at Arnison Retail Park in Durham on behalf of CBRE Global Investors.
The lettings are part of a significant investment in the asset by CBRE Global Investors – and are part of a move towards attracting a greater number of fashion led retailers.
Arnison Retail Park is Durham’s largest out of town retail destination and is anchored by a 60,000 sq ft M&S store and an extended 89,000 sq ft Sainsburys.
Next is relocating into a larger store and has signed a 10 year lease for a new 50,000 sq ft unit on ground floor and mezzanine, significantly increasing its presence on the Park and enabling it to stock a wider fashion offer plus Next at Home. New Look has also signed a 10 year lease on a 10,000 sq ft store, which will house both New Look and New Look Men offers. Both stores are expected to open in summer 2017.
John Marsh of Sovereign Centros commented: “We are about to commence demolition of the former Homebase store, enabling us to build four new units and boost the fashion offer at Arnison. An enlarged Next and a New Look will be very welcome additions to the Park.”
Arnison Retail Park is located 2 miles north of Durham in the affluent catchment of Pity Me. It currently comprises 335,000 sq ft across 26 units and provides over 1,300 free surface parking spaces. Other tenants include Outfit, Nike, Laura Ashley, Boots, Asda Living and Lakeland.
Wilkinson Williams and Savills are advising Sovereign Centros and CBRE Global Investors.