Queensberry Real Estate has begun the New Year by confirming that leading international fashion retailer River Island will be taking a unit at its 390,000 sq ft Friars Walk development in Newport, South Wales. River Island has agreed terms on a 10,000 sq ft, two-floor unit, opposite a space already taken by H&M.
The youth fashion retailer – which last year launched its ‘Rihanna for River Island’ collection in collaboration with the global pop icon – joins an impressive line-up of tenants including a 93,000 sq ft Debenhams store, Next, Topshop and New Look at the destination which is scheduled to open in November.
Friars Walk also features a strong leisure and restaurant offer with Nandos, Las Iguanas, GBK, Prezzo and Le Bistro having already agreed terms, alongside an 8-screen Cineworld cinema.
In total, the development is now 65 per cent let, with the first units expected to be handed over to tenants in just a few months’ time.
Given its proximity to attractions such as the Riverfront Theatre, Newport Centre and Rodney Parade rugby and football ground, Friars Walk will integrate perfectly into Newport’s retail and leisure offer, giving people a choice of destinations to visit throughout the daytime and evening.
Commenting on the centre’s latest signing Stuart Harris, Commercial Director and Co-Founder of Queensberry, said: “River Island is another fantastic addition to our lie-up and we have now secured all of the UK’s major high street fashion brands.
“Retailers are recognising the huge opportunity a rejuvenated Newport can offer and we now have discussions ongoing on the remaining units with a little less than one year to opening.”
He added that, according to the latest research from the Javelin Group, upon completion Friars Walk will lift Newport to 90th place in the Venuescore® rankings – a jump of 108 places. The same report also puts Newport’s spend per capita at the highest in Wales, demonstrating the potential of the development for retailers.
Friars Walk is expected to create around 1,200 jobs, adding £15 million per year in salaries to the local economy. These jobs are in addition to the construction jobs already created and the potential for local companies to become involved in the supply chain.
Strutt & Parker, Lunson Mitchenall and Cooke and Arkwright are the appointed agents for Friars Walk. Harper Dennis Hobbs acted for River Island.
