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Debenham joy for Newport

DEBENHAMS IN STORE FOR NEWPORT

Modus Corovest have signed Debenhams to a 105,000 sq unit at their Friars Walk development in Newport. Things are moving quickly at the development, with Modus Corovest and Newport City Council having signed the development agreement for the £210 million project.

The Debenhams anchor unit forms part of the mixed use regeneration scheme, which includes 388,000 sq ft of retail. The scheme will completely regenerate and revitalise the City Centre providing retail as well as residential accommodation, public space, cafes and restaurants. Leisure will come in the form of a 6,000 sq ft Health Club and 47,000 sq ft multi screen cinemas.

Modus Corovest will focus on providing the community in Newport with a scheme that enhances the City, whilst also creating a lively atmosphere through street entertainment and ongoing events. The architecture will complement the local area, but also provide a contemporary edge through lighting and water features. All of this will create an environment in which shoppers will want to spend time, and a place that the local community can utilise as their own.

Mike Riddell, Modus Director, said: “This is the beginning of a new chapter for Wales’ third biggest city. It is a city that’s ready for regeneration and a new retail destination will kick-start the masterplan. Signing Debenhams is the first step in turning the City around. We are in negotiations on the MSU’s and cinema operators as the next phase of lettings begins. It’s a big scheme and a tall order to let 50% of it before starting construction. The retailer feedback is great. This all means the scheme will certainly be ready for the Ryder Cup in 2010.”

Councillor Bob Bright, leader of Newport City Council, said: “This is an enormous step forward in the Council’s plans for driving forward the regeneration of the city centre. The signing of a store of Debenhams’ calibre is another key step in the rebirth of our city. I am delighted to see that the plans we have made to transform the centre of Newport are rapidly becoming a reality and look forward to working with Modus to make our city centre a prime location for retail, entertainment, culture and business.”

The development will provide 1,400 car park spaces. Work is expected to start on site in Spring 2007 with completion expected in Spring 2009, in time for the International Ryder Cup in 2010. [Ends]

………………………………………………………………………………………….. For further information please contact: Janet Monks, PR Manager Tel: 0161 817 5209

janetm@modusproperties.co.uk