Barberry Developments has announced a major new letting
following the recent completion of phase two of its £1
million transformation of the Phoenix Retail Park in Swansea, South
Wales.
Poundworld has taken 10,000 sq ft in unit four on a new 15-year
lease at £15 per sq ft as part of a national expansion
programme and intend to be open in time for Christmas. Poundworld
now has more than 120 stores across the UK and over 2,500
employees.
With retail chains B&M and Home Bargains already
successfully operating from the retail park, there are now just two
units left, ranging from 6,000 sq ft to 20,000 sq ft, following the
refurbishment of the former Halfords store which was completed in
August.
Barberry, which acquired the first generation retail park in
2007, believes the latest deal with Poundworld demonstrates the
value of its investment in major improvements to the site it
acquired four years ago.
Director Martyn Cartwright said: "Poundworld is a welcome
addition to Phoenix Retail Park proving that our significant
investment in transforming the trading potential of the scheme is
recognised by major retailers. The recent lettings demonstrate that
our asset management strategy has been effective in improving the
income profile of the investment in what is a very difficult
trading climate.
"The remaining units have open A1 consent which means they will
appeal to a wide range of retailers and there is already serious
interest in them from various parties."
Poundworld property director Mark Ward said: "We are delighted
to have agreed a new 15-year lease at Phoenix Retail Park and we
are looking forward to beginning trading in time for Christmas. Our
Swansea store is the latest in our expansion programme and gives us
an excellent base in South Wales."
Barberry carried out an extensive refurbishment of the retail
park including replacing external cladding, provision of new
feature entrances, internal refurbishment and an improved,
resurfaced car park layout. It is an established shopping
destination with nearby retailers including Tesco Extra, Asda,
Halfords, Smyths Toys, SCS, Comet and Carpet Right.