Addington, the investment and asset management specialist, in partnership with the shopping centre owners, has signed up Poundworld as a new tenant for its Union Square Shopping Centre in Torquay.
Poundworld has signed a lease on a new bespoke 4,000 sq ft retail unit on a 10 year lease term at £65,000 per annum and will officially open its doors to shoppers on 28th July 2016. The new Poundworld store will create 30 new local retail jobs and complement existing retailers at the centre, which include Wilkos, Iceland, Peacocks and The Entertainer which opened in 2015.
Addington acquired the 125,000 sq ft Union Square Shopping Centre in August 2014 and has since been actively managing and investing in the centre. It is now 90 % full.
Alex Wagstaff, partner at Addington said, “ Torquay is a popular English seaside destination and the Union Square Shopping centre is a magnet for both locals and visitors to the town. The shopping centre has been significantly enhanced during our period of ownership and now boasts an excellent tenant line up generating a strong level of retailer demand. Such is our confidence in the scheme that we are now in the process of redeveloping three existing retail units to create a new modern retail unit of over 3000 sq ft of floorspace suitable for a national multiple operator. This fully fitted retail unit will be available for occupation at the beginning of September. “
Further on-going investment will also see the centre’s signage refreshed and updated over the coming months. The shopping centre also has numerous tourist attractions taking place over the Summer which will generate further footfall.
Paul Mackenzie, Poundworld area manager, said: “We’re excited to be opening our first ever Poundworld store in Torquay and we’re really pleased to join a great family of retailers at Union Square Shopping Centre.”
Agents on the deal were Bettesworths and Calan Retail acting for the landlord.
