Newark and Sherwood District Council has secured three new tenants at the new Beaumond Cross development in Newark Town Centre.
The units are situated within the landmark building providing purpose built commercial accommodation on the ground floor and a newly built 66-bedroom hotel above. The completion of the new Travelodge hotel and the three commercial units represents the final phase of the Beaumond Cross development by Newark and Sherwood District Council.
The commercial units have been designed to accommodate a wide range of uses, with frontages to the newly completed pedestrian thoroughfare from the town centre to Asda, and to the rear onto the busy Lombard Street. The units are strategically located in one of Newark’s most prominent junctions.
Through close management of the project, the development of the Travelodge and the three commercial units has returned the £3.146million that the Council had loaned for its 50% share of the development costs, contributing £163,930 to the Council’s general fund. This is in addition to the estimated positive revenue generated from the rent of the three commercial units. These contributions will be built into the budget setting process and be put towards Council services.
Councillor Rhona Holloway, Portfolio Holder for Economic Development and Visitors at Newark and Sherwood District Council, said: “I am absolutely delighted that we have completed the redevelopment of the former Robin Hood hotel at Beaumond Cross and look forward to seeing the tenants of the three new units open and thriving soon.
“This exciting and transformational project has breathed new life into a long-standing and complex area of this town at no cost to the taxpayer, which without intervention from the Council would have remained derelict. The redevelopment will boost the shopper’s experience and provide a catalyst for further investment for the town centre.”
Lewis Cove, Associate Director at Banks Long & Co, said “We are pleased to have assisted in the successful redevelopment of Beaumond Cross and now, working on behalf of Newark and Sherwood District Council, to be able to introduce new tenants to the scheme and enhance Newark’s retail offer.”
Unit B is already occupied by Kutchenhaus Newark, the latest store in the franchise with over 50 stores nationwide. This showroom is run by local resident Jodie Mills and her business partner Siobhann Lucy, having over 15 years’ experience in the kitchen industry between them.
Terms have also been agreed for a premium coffee shop operator to trade from Unit A and this is due to open later in the year.
Beaumond House Community Hospice, a registered charity who provides palliative care to patients with life limiting or terminal illnesses and their families living in Newark and Sherwood, will be taking Unit C and opening a Charity Shop.