Capital & Regional, the specialist retail property company, has secured its biggest letting for Kingfisher Shopping Centre in Redditch since taking ownership, highlighting retail confidence in the centre and the wider region.
The Range, one of the fastest growing home, leisure and garden retailers in the UK, will be taking 47,000 sq ft of retail space – previously occupied by BHS – on a 10-year lease and is set to open on Park Walk.
From opening its first store in 1989 on Billacombe Road, Plymouth, The Range now has over 130 stores nationwide and stocks more than 65,000 products across 16 different departments, from homewares and furniture, through to DIY and art supplies.
Capital & Regional and funds managed by Oaktree Capital Management, L.P. (Oaktree) have invested £12 million in the refurbishment and repositioning of The Kingfisher Shopping Centre since they formed a joint venture partnership to purchase the 920,000 sq ft scheme in 2012. Since then, Capital & Regional has successfully transformed the centre’s catering and leisure offer by establishing ‘The Hub’. This vibrant area includes brands such as Nandos, Prezzo, Real China, 24/7 Pure Gym, and a seven-screen Vue cinema delivering a night-time economy for the town.
As well as revolutionising the centre’s restaurant and leisure provision, Capital & Regional has improved the scheme’s retail mix. Worcester Square has been given an extensive facelift, with a bold, modern interior and Evesham Walk has been transformed with improved sight-lines and contemporary, double storey shop fronts.
Sian Bowen, Retail Asset Manager for Capital & Regional, commented: “Our plans to continue to add variety through household names with stores such as The Range, as well as high quality independent retailers, have really gathered momentum over the past few years. Securing The Range, which is the biggest single retail space secured at The Kingfisher Shopping Centre since C&R took ownership, will not only help strengthen and diversify our retail proposition, but it will also help bridge the gap in our tenant mix following BHS going into administration last year.”
Chris Dawson, owner and founder of The Range, added: “The new store will create around 80 full and part-time jobs for the local area.
“Opening a new store is always an exciting moment for the company and it is very exciting that we are coming to Redditch. The Range is a unique shopping experience that has something for everyone and I am sure that the new store will be a welcome addition to the local area”
The new store is set to open in Spring 2017.
The Kingfisher is anchored by Debenhams, Marks & Spencer, Next and Primark and attracts over 10 million visitors a year.
Jackson Criss and KLM are the leasing consultants.