Leisure and retail property specialists EJ Hales has announced four tenants for the new Oyster Wharf development in Mumbles, Swansea.
Acting on behalf of the landlords, Nextcolour Developments, EJ Hales secured restaurants Prezzo and Loungers café and worked with Cooke and Arkwright to secure retailers Seasalt and Joules.
Collaboratively, the new tenants will create 55-60 new jobs and will boost trade in the Mumbles area.
Prezzo, an award winning Italian restaurant, has agreed a 25 year lease for a 4,300 sqft building and is understood to be investing circa £600,000 into the unit.
Loungers, a restaurant and café which currently has restaurants in Plymouth and Torquay, has agreed a 15 year lease of a 4,500 sqft building.
Both restaurants will occupy the two units adjacent to the Tivoli Building overlooking Swansea Bay and will undergo a combined fit out of over £1.2m.
Fashion retailers Seasalt and Joules will occupy the two retail units that will be developed at the current Co-op foodstore at 512 Mumbles Road, next to Costa Coffee.
Seasalt has exchanged contracts for a 2,145 sq ft unit for 10 years and it will be the retailer’s first store in Wales.
Joules, which is already trading in Mumbles, has agreed to move to a larger unit and will be taking 2,135 sqft of space for 10 years.
Both stores anticipate significant investment in the region of £500,000 for the fit out of the units to reflect the size and location of the new premises.
Nextcolour Developments announced plans in 2014 for a £4m mixed-use seafront regeneration scheme in Mumbles in a bid to boost trade in the area. As part of the development, the historic Tivoli building and adjoining shopping arcades are to be refurbished to accommodate the relocated Co-op foodstore.
These lettings are the latest deals advised by EJ Hales, which has been responsible for bringing eateries including Côte, GBK, Bill’s, Las Iguanas and Carluccio’s to Cardiff and Las Iguanas and Odessey Nightclub to Swansea. In the last year the company has advised on a number of high profile deals spanning the breadth of the country for clients including Tesco, Specsavers, Argos and Next.
Phillip Morris, partner at EJ Hales, said: “The Oyster Wharf development is an exciting scheme which will certainly help boost trade in the area. Nextcolour has finished the units to an excellent standard. This, along with the attractive area, helped us to secure the tenants. It is great to see local developers investing in the area to maximise its full potential and it’s been a pleasure to be part of the scheme. We’re confident all the new tenants will be very successful at Oyster Wharf.”
James Morse, Director at Nextcolour said “We are very pleased two great restaurant operations are joining us at Oyster Wharf which is good news for Mumbles and the Swansea Bay region. Two further restaurant operations will be announced shortly to compliment the mix and offer different dining experiences.”
EJ Hales has been at the forefront of the South Wales commercial property market for over 80 years. The practice specialises in retail and leisure property, both in town centre and out of centre locations and advises on some of the largest developments in South Wales. Clients include Tesco, Next, Argos, Subway, UBS, M&G Real Estate, Aberdeen Asset Managers and Mansford.
