Moorgarth Group has completed a deal with Poundland securing a prime position within Reading’s Broad Street Mall. The retailer has traded in the town’s premier shopping centre since 2008 and has now signed a 10-year lease which will see it relocate to a new 10,000 sq ft unit.
Poundland will take space formerly occupied by Poundworld and Cash Convertors with dual entrances off Oxford Road and from the Mall which will open mid-February 2019. Its former store next to South Court will be refurbished and relet as part of Moorgarth’s ongoing asset management strategy.
The Poundland deal marks a major vote of confidence in the 400,000 sq ft shopping and leisure destination which has undergone a comprehensive refurbishment since it was acquired by Moorgarth in 2015.
Broad Street Mall has celebrated a series of new lettings in recent months, including a lease renewal by New Look and a 9,000 sq ft letting to new entrant Iceland, which chose to relocate to the centre from elsewhere in Reading town centre. The Mall, which boasts an annual footfall of 7m visitors, has also attracted new entrants such as menswear brand Brother2Brother, plus-size fashion retailer Yours Clothing and leisure experience operator Escape Reading.
Moorgarth Group’s managing director Gary Lewis said: “Poundland’s commitment to relocate its store highlights the confidence retailers and leisure operators have in Broad Street Mall. We will continue with our investment programme, ensuring the scheme meets the requirements of both new and existing occupiers.”