As major shopping centre owners throughout the UK continue to invest in the construction and growth of leisure quarters, the battle to secure restaurant and café tenants has intensified. Fortunately, though, it seems expansion is very much still on the cards for leading brands, with Sovereign Centros securing three new tenants for Telford Shopping Centre’s upcoming leisure development.
The UK retail and leisure developer and asset manager has signed lease agreements with popular national restaurant chains TGI Friday’s, Handmade Burger Company and Prezzo, each of which will take up long leases at the 26,500 sq ft Southern Quarter development. They will be situated next to the eleven-screen Imax Cineworld in Southwater, complementing the already popular food and beverage offering at the destination.
Leasing and asset manager at Sovereign Centros, Alexandra Pugh, reveals that further announcements regarding the scheme may be made in the coming weeks.
She says; “These three lettings total nearly 14,000 sq ft which means that the Southern Quarter is now almost 60 per cent pre-let.
“We have also received strong occupier interest for the two remaining restaurant units within the scheme and look forward to announcing further additions in the near future.”
The agreement with American themed bar and restaurant TGI Friday’s marks the largest lease deal of the trio, with the restaurant brand taking up 6,793 sq ft of space on a 15 year basis. Handmade Burger Company and Prezzo, meanwhile, have each agreed to take 3,500 sq ft units on 15 year and 20 year leases respectively.
Construction work on the Southern Quarter is expected to begin later this month with the new tenants set to open their doors in the autumn of 2016 should all go to plan. As well as providing a powerful draw for the 14 million shoppers visiting the centre each year, it is hoped that the Southern Quarter will both cement and enhance Telford’s growing reputation as a major leisure destination.
The Southern Quarter will be constructed on the site of the former Focus DIY store, or “Green Shed”, which was demolished in 2014 as part of the first phase of a multi-million pound initiative designed to transform the shopping centre and provide a wider choice for customers.
Phase two, which was granted planning permission by the local authority in August, will see a 70,000 sq ft retail extension known as the Northern Quarter created on the site of the former Asda supermarket – this will create space for up to seven new stores as well as providing a seamless transition space from Red Oak car park.
Telford and Wrekin Council cabinet member for business, Councillor Shaun Davies, says; “The investment made into Telford Town Centre is helping to boost the borough’s night-time economy and improve the destination’s tourism offer.
“This announcement helps to reinforce that there is significant business confidence in Telford – the fastest growing town in the West Midlands.
“We welcome this investment and continue to work with Telford Shopping Centre to make Telford a great destination to live, work, visit and invest in.”
