New developments signal strength in the South West retail and leisure market
Peter Clayton, Retail Director in Bristol
The South West retail and leisure market is in robust health, with growing occupational demand from a variety of retailers and improved consumer confidence. This has meant we have seen a number of new developments begin to come out of the ground as the landlords and developers gain further confidence in the market.
A good example of new retail development is the 98,000 sq ft extension at Yate Shopping Centre in South Gloucestershire, where construction has recently begun. The Yate Riverside retail and leisure scheme will deliver a long awaited Cineworld who have already signed up to go alongside 70,000 sq ft of retail and restaurant space with pre lets to Next, Prezzo, Frankie & Bennys amongst others. The owners, advised by Savills, completed a 50,000 sq ft extension to the existing 400,000 sq ft shopping centre in 2013, which is fully let to M&S Simply Food, Peacocks, Sports Direct and Costa Coffee.
Cribbs Causeway is another example of expansion, where the current proposal is to add another 380,500 sq ft of retail space and 96,670 sq ft for leisure operators. This is a sizeable addition to the 730,000 sq ft existing mall. If the development receives planning permission the building work will start in 2017 and the extension will be fully open by 2021.
These new developments are good indicators to the health of the retail and leisure market, and along with new and expanding occupiers such as Pep & Co, Poundland, Costa and Greggs targeting a large number of South West locations, we are confident the sector will continue to grow.