Leasing landslide follows successful launch of The OUTLET



The OUTLET at Bridgewater Park in Banbridge has secured 12 new tenants since it opened for trading in April and is now 70% let. The latest names to sign up at the 82 unit, 205,000 sq ft (19,045 sq m) scheme are CK Lingerie and Playtex; jewellery retailer Bijoux; menswear retailers Park Avenue and Van Heusen; along with Sanderson, Antler, Cotton Traders, 3G, LK Bennett, Shoefair and Julian Graves. Two thirds of these stores are already trading, with CK Lingerie, Park Avenue, Van Heusen and LK Bennett opening shortly. Joanne Skilton, Commercial Director of GML Estates, joint developer of the scheme, comments: “Since opening the response from potential tenants has been fantastic - the fact that the scheme is now trading successfully has given our leasing schedule an expected boost. The OUTLET is now 70% let, with a further 7% in solicitors’ hands and 20% in advanced negotiations. Some of the remaining units have been reconfigured to take our total to 82, which leaves 10 units available to lease.” “We have been careful throughout to secure the right tenant mix, which has resulted in successful trading in the first two months. We are now looking to let the final few units to additional quality fashion names complemented by homeware and childrenswear.” The scheme is still in its infancy yet early footfall and trading figures are encouraging. Noel Magill, Centre Director of The OUTLET adds: “Centre Management and all our tenants have been on a steep learning curve over the past 12 weeks. That said, with footfall figures already approaching the half million mark, the support from shoppers across Ireland has been fantastic. These new signings will entice even more shoppers to the scheme and, with our tenant mix constantly developing, we expect a significant amount of repeat custom as well.” The £70 million retail outlet centre, which comprises 82 units arranged in a curved design stretching one third of a mile, has been jointly developed by GML Estates, its parent Orana Group, and Land Securities. The OUTLET is the first phase of the 1.2 million sq ft (111,480 sq m) Bridgewater Park scheme.


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Editors Notes
GML Estates Ltd is a Northern Ireland registered development company, wholly owned by the Channel Islands based Orana Group, in turn controlled by John Farmer. John has 25 years major property development experience and was formerly Chairman of Wyncote Group Plc in the UK. Land Securities is the UK’s largest property company quoted on the London Stock Exchange. With total assets of £11.5 billion, Land Securities owns and manages over £6.9 billion of retail property throughout the UK. The retail portfolio includes shopping centres, designer outlets, retail parks and central London retail accommodation. Land Securities also owns and manages the Gunwharf Quays outlet in Portsmouth and is a co-owner of Livingston factory outlet in Scotland. It has also recently acquired The Galleria outlet in Hatfield. About Bridgewater Park: Once completed, Bridgewater Park will total over 100,000 sq m (more than one million square feet) of built area on a site of over 100 acres. In addition to the retail park and leisure accommodation, the site has full planning permission for over 50,000 sq m of business accommodation, which will be retained by Stoney Properties Limited to be developed to occupiers’ requirements in the future.

2007

The OUTLET at Bridgewater Park | Banbridge | BT32 4GJ