Following one of the busiest years for shopping centre openings and extensions since the recession in 2008, Lunson Mitchenall has advised two of the most high profile centre launches of the year – Friars Walk in Newport and The Broadway in Bradford.
The 390,000 sq ft retail and leisure scheme, which opened on 12 November, 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. 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.
Lunson Mitchenall advised Meyer Bergman in the opening of the Broadway Bradford which launched on 5 November and includes over 70 shops, restaurants, a food court and 1,300 parking spaces. Key tenants include Marks & Spencer, Debenhams, Topshop, H&M and Superdry and initial feedback on trading is very positive.
The team has also been retained by Meyer Bergman to advise on the cinema and restaurant development adjacent to the recently launched shopping centre. The Light, the UK’s most exciting new cinema brand, has already been signed up to operate the new state-of-the-art cinema. The extension, which was granted outline planning consent by Bradford Council in August 2015, includes the six-screen, 780 seat cinema and four restaurants, totalling 35,000 sq ft additional space in The Broadway.
Now with over 50 shopping centres in its portfolio, the shopping centre leasing team has had one of its most successful years to date as it continues its work on 15 of the UK’s top 35 shopping centres.