Top Signings for Modus at Friars Walk
Modus has confirmed a successful start to 2008 with the signing of five deals at Friars Walk, Newport. River Island (10,000 sq ft), Boots (16,400 sq ft), JJB Sports (14,800 sq ft), Pizza Express (2,920 sq ft) and Nandos (3,860 sq ft) have all exchanged contracts to take space in the scheme. These operators join Debenhams (105,000 sq ft), M&S (80,000 sq ft gross) and New Look (30,000 sq ft) guaranteeing a fantastic line up that is set to transform Newport’s retail offer.
Friars Walk will provide Newport with the retail and leisure facilities that the city deserves and will complement the major city wide regeneration programme. The £200m development will provide 450,000 sq ft of new retail space, a multiplex cinema, a new restaurant quarter, a city hotel, 250 new style apartments, and a new bus station. In addition to well known retailers such as those mentioned above the development will boast a vibrant mix of independent and local retailers especially in the new Upper Dock Street , which will cater for a wide range of tastes and needs.
Nigel Poad, Leasing Director for Modus said: “Getting the likes of River Island to commit to Friars Walk reaffirms that it will become the prime fashion location in the city of Newport. Similarly getting such a vote of confidence from a retailer the like of Boots is a real boost. These deals demonstrate that despite the general doom and gloom that the media are promoting, retailers are still willing to commit to quality schemes.
Securing Pizza Express and Nandos as the first operators to commit to the restaurant quarter sets the tone we are seeking to achieve. There currently is no family dining offer in the City and we are determined to address this.
These deals take the contracted floor area to 58%, which indicates the strength of Friars Walk despite the current difficult market. The scheme is in good shape and will transform the retail offer in Newport”.
Councillor Bob Bright, Leader of Newport City Council, said: “This is more great news for Friars Walk, Modus and Newport City Council and is clear evidence that the development is well on the way to fulfilling our ambition to transform the city into a modern and vibrant retail destination.
It is particularly pleasing to see the signing of Nandos and Pizza Express, two high quality restaurant chains, which will enhance the family dining experience in the centre of Newport, one of the key components of our vision for the city centre.”
Construction is due to start on site in spring 2008 and the anticipated completion date is 2010.
Lunson Mitchenall and Tushingham Moore are agents for the scheme.