October 11, 2022
Orion Capital Managers has announced a number of significant lettings at its Telford Centre so helping footfall recover to near 2019 levels at the 1 million sq ft destination.
The demise of the UK-department store sector had resulted in House of Fraser, BHS and Debenhams all going into administration in Telford, leaving 220,000 sq ft – almost a quarter of the shopping centre – to let.
Following an active asset management strategy led by Sovereign Centros, new occupiers have now been found for all three stores.
The 90,000 sq ft former Debenhams has been leased to the UK’s leading indoor adventure park operator Flip Out, which has taken a 15-year lease on 75,000 sq ft, while competitive socialising brand Boom Battle Bar has signed for 15,000 sq ft, also on a 15-year lease.
The 80,000 sq ft House of Fraser store has been leased to Frasers on a 15-year lease to house a number of retailers including Game, USC and Evans Cycles.
Meanwhile Danish retailer Jysk, Poundstretcher and inflatable park operator Inflatanation have between them taken 50,000 sq ft on 10-year leases at the former BHS unit.
In addition, fashion retailer Vanilla is to open a 8,314 sq ft store, Pavers have signed a 10-year lease for a 3,177 sq ft and Paperchase has taken a 1,100 sq ft unit.
As a result, customer footfall has now reached its highest level for two years at the centre as shoppers and leisure-goers return to experience the new offer found at the centre.
Matt Elgey, Senior Asset Manager at Sovereign Centros, said: “The collapse of the UK department store sector has been well-reported but I am pleased to say that Telford has fared incredibly well.
The reletting of these stores to a variety of retail and leisure operators underlines Telford Centre as a major regional retail and leisure destination.”
Orion Capital Managers acquired the Telford Centre in 2014 and has most recently invested £55m on creating a new 80,000 sq ft fashion quarter at the centre, which opened in 2019.
Sovereign Centros was advised by Wright Silverwood and Lunson Mitchenall.
