TELFORD CENTRE ACHIEVES MAJOR LETTING SUCCESS

The demise of the UK department store sector had resulted in House of Fraser, BHS, and Debenhams all going into administration in Telford, leaving 20438 sq m – almost a quarter of the shopping center – to be let.

Following an active asset management strategy led by Sovereign Centros, new occupiers have now been found for all three stores. The 8361 sq m former Debenhams has been leased to the UK’s leading indoor adventure park operator Flip Out, which has taken a 15-year lease on 6967 sq m, while competitive socializing brand Boom Battle Bar has signed for 1393 sq m, also on a 15-year lease.

The 7432 sq m House of Fraser store has been leased to Frasers on a 15-year lease to house a number of retailers including Game, USC, and Evans Cycles. Meanwhile, Danish retailer Jysk, Poundstretcher, and inflatable park operator Inflatanation have between them taken 4645 sq m on 10-year leases at the former BHS unit.

In addition, fashion retailer Vanilla is to open an 8772 sq m store, Pavers have signed a 10-year lease for 295 sq m and Paperchase has taken a 102 sq m unit. As a result, customer footfall has now reached its highest level in two years at the center as shoppers and leisure-goers return to experience the new offer found at the center.

Matt Elgey, Senior Asset Manager at Sovereign Centros, said: “The collapse of the UK department store sector has been well-reported but I am pleased to say that Telford has fared incredibly well. The reletting of these stores to a variety of retail and leisure operators underlines Telford Centre as a major regional retail and leisure destination.”

Orion Capital Managers acquired the Telford Centre in 2014 and has most recently invested £55m on creating a new 7432 sq m fashion quarter at the center, which opened in 2019.

Sovereign Centros was advised by Wright Silverwood and Lunson Mitchenall.