Realis Estates has secured three new lettings at The Rushes Shopping Centre in Loughborough, leaving just one 1,000 sq ft unit available in the 225,000 sq ft scheme.
Next and Sports Direct have taken a total of 37,500 sq ft in two units, relocating from much smaller stores in the Market Street area of the town. They join Tesco, Argos, TK Maxx and Marks & Spencer in the centre – which also boasts the town’s main car park and an LA Fitness.
Next has signed a 10-year lease on a 15,000 sq ft unit – more than four times the size of its existing store in Loughborough. Landlord’s works have already started on site to combine four vacant units located between to HMV and Marks & Spencer. Next plans to open its new store in time for Christmas 2011 trading.
Meanwhile, Sports Direct is also relocating from Market Place to The Rushes, taking a 10 year lease on the 22,500 sq ft former JJB unit. The new store, which is almost ten times the size of Sports Direct’s current shop in the town, will open in October/November 2011.
Realis has also let 7,143 sq ft to public house operator, Bar Sports on The Rushes – at the front of the scheme. They have taken immediate occupation and due to open in October.
Duncan Mathieson, Managing Director of Realis Estates (which asset manages The Rushes), commented: “These deals fit perfectly with our strategy for The Rushes and represent a huge vote of confidence in Loughborough. These are not just simple relocations from one part of town to another. Two of the UK’s most successful retailers are dramatically increasing the size of their representation in Loughborough. The Rushes is the only location in town able to provide the size and configuration of unit to allow these retailers to taken this kind of space.
“The closure of Woolworths in 2009 could have been a body blow for The Rushes. Many thought it would be. In fact, since then, we have taken the scheme from strength to strength, agreeing a series of important letting deals with Tesco, Argos, HMV, Muffin Break and now Next and Sports Direct. We are delighted with the progress we have made in Loughborough and look forward being able to say that the scheme is fully let once we have secured the final tenant.”
Letting agents for The Rushes are BWD. CBRE also advised Realis on the Next and Sports Direct deals.