Queensberry Real Estate’s Friars Walk development in Newport opens today marking a pivotal point in the city’s ongoing regeneration.
The 390,000 sq ft retail and leisure scheme is one of only a few new shopping centres to launch in the UK this year. It is estimated the £117 million scheme will double retail sales in the city, adding £120 million per annum, with Newport’s catchment predicted to increase from 211,000 to 367,000 with an estimated footfall of 10-12 million per annum (Source: Javelin/DTZ).
Lying at the heart of the city centre, Friars Walk is opening at 85 per cent let and is central to the ongoing regeneration of the city. Paul Sargent, Chief Executive and Co-founder of Queensberry Real Estate said: “Friars Walk has turned around the retail and leisure offer in Newport, not only by attracting new brands to the scheme itself but by enticing occupiers back into the existing retail core. The unlocking of Friars Walk has generated £90 million of direct investment into the local economy, while supporting the job market through the preferred use of local supply chains – ensuring the city’s future as a major employment hub.”
Friars Walk has created 1,200 jobs in the new shops and restaurants worth an estimated £15 million a year in salaries to the local economy. Major employers have also been attracted back to the city centre including Lloyds Bank, Airbus, Admiral Insurance and the Office of National Statistics, contributing to the city’s 69,000 jobs and increasing employment rate – which is among the highest in Wales.
£230 million worth of regeneration projects have also been completed in the city in the last 10 years, including a new University of South Wales campus opposite the Friars Walk development and reclamation of the former derelict Old Town Dock.
Friars Walk was made possible by a unique public-private partnership that saw Newport City Council provide Queensberry Real Estate, with access to a loan to fund the scheme.
Councillor Bob Bright, Leader of Newport City Council commented: “This is a momentous day for the city, its residents and businesses. The day we see our vision becoming a reality.
“Friars Walk is an exemplar for partnership working between the public and private sector and it has proved a catalyst for investment in the city centre. We are seeing a renaissance with new and returning businesses opening both in Friars Walk and the wider city centre. These will contribute millions of pounds to the local economy bringing far-reaching benefits for all those who live in, work in and visit Newport for many years to come.”
Paul Sargent added: “A forward-thinking public-private partnership helped to unlock Friars Walk – an approach that is continuing to prove fundamental across the UK’s towns and cities. Local authorities have the statuary powers and other land resources required to make development possible. However, for a scheme to be truly successful it must be combined with the industry’s ‘finger on the pulse’ understanding of retailer demands and consumer trends, as well as the delivery experience to get it off the ground.”
Designed by Leslie Jones Architecture, Friars Walk has opened to schedule with 25 of the stores, six of the restaurants and the eight screen Cineworld multiplex cinema trading. This includes the 90,000 sq ft full offer Debenhams Department Store and other retail anchors H&M and Next, both 20,000 sq ft stores. Other stores opening their doors today include Topshop (15,000 sq ft), New Look (10,000 sq ft), River Island (12,000 sq ft) and Mothercare (10,000 sq ft), while restaurant operators Prezzo, Nando’s, Wagamama and GBK will also all be welcoming diners.
Lettings agents for Friars Walk are Lunson Mitchenall, Cooke & Arkwright, Nick Young & Co and CBRE.
