06 Aug 2010
... as St George's Square development is handed over for fit out
With The Mall's £20 million St George's Square development at The Mall Luton nearing completion, the team is delighted to announce that new lettings have been secured at the existing centre.
Select is currently fitting out a new store of approximately 6,000 sq ft in total having agreed a new 10 year lease at an initial rent of £150,000 per annum. Lush recently opened a 900 sq ft unit having agreed a new 5 year lease and Poundland is due to take possession of a new 8,600 sqf t store in mid August. The value retailers has agreed a new 10 year lease at a commencing rental of £300,000 pax having trading successfully from a smaller unit for the past 12 months.
The St George's Square development, which is 70% let, is due to open in early November, although both Argos and TK Maxx are already fitting out and look to commence trading before the end of September.
The redevelopment is providing over 75,000 sq ft of high quality new shopping space, with TK Maxx taking a new 38,000 sq ft store and Argos securing a new 15,000 sq ft unit.
The development will also see the arrival of 17,000 sq ft of dining accommodation, facing on to St George's Square. Two units are currently under offer with discussions on-going with a variety of restaurant operators for the remaining.
Mark Bourgeois, Managing Director of Shopping Centres for Capital & Regional, comments:
"The development at The Mall Luton continues at pace and we are delighted that brand new retailers are electing to commit to the existing scheme, as it prepares for the opening of the new 75,000 sq ft St George's Square at the end of 2010. The arrival of big names in big stores - as we have seen with Marks & Spencer and Poundland, and are to see soon with TK Maxx and Argos - is a real step forward for Luton town centre, developing its reputation as the key centre in the regional retail market."
ENDS
The Mall is the UK's leading community shopping centre Fund, managed by Capital & Regional and Aviva Investors.
