Barberry Developments has announced a major new letting following the recent completion of phase two of its £1 million transformation of the Phoenix Retail Park in Swansea, South Wales.
Poundworld has taken 10,000 sq ft in unit four on a new 15-year lease at £15 per sq ft as part of a national expansion programme and intend to be open in time for Christmas. Poundworld now has more than 120 stores across the UK and over 2,500 employees.
With retail chains B&M and Home Bargains already successfully operating from the retail park, there are now just two units left, ranging from 6,000 sq ft to 20,000 sq ft, following the refurbishment of the former Halfords store which was completed in August.
Barberry, which acquired the first generation retail park in 2007, believes the latest deal with Poundworld demonstrates the value of its investment in major improvements to the site it acquired four years ago.
Director Martyn Cartwright said: “Poundworld is a welcome addition to Phoenix Retail Park proving that our significant investment in transforming the trading potential of the scheme is recognised by major retailers. The recent lettings demonstrate that our asset management strategy has been effective in improving the income profile of the investment in what is a very difficult trading climate.
“The remaining units have open A1 consent which means they will appeal to a wide range of retailers and there is already serious interest in them from various parties.”
Poundworld property director Mark Ward said: “We are delighted to have agreed a new 15-year lease at Phoenix Retail Park and we are looking forward to beginning trading in time for Christmas. Our Swansea store is the latest in our expansion programme and gives us an excellent base in South Wales.”
Barberry carried out an extensive refurbishment of the retail park including replacing external cladding, provision of new feature entrances, internal refurbishment and an improved, resurfaced car park layout. It is an established shopping destination with nearby retailers including Tesco Extra, Asda, Halfords, Smyths Toys, SCS, Comet and Carpet Right.
Phoenix Retail Park is ideally located within four miles of Swansea city centre and has excellent access to junctions 44/45 of the M4. Barberry gained planning permission to improve the access roads from Phoenix Way into the retail park including a new access road from Fendrod Way to the front of the scheme.