The Universities Superannuation Scheme has opened the latest extension to its Telford Shopping Centre in Shropshire, taking the scheme to more than 1 million sq ft (92,900 sq m), with more than 160 stores.
The New Row extension provides 150,000 sq ft (13,935 sq m) of new space, including an 80,000 sq ft (7,740 sq m) two-level department store for Beatties and units for Zara, Faith, River Island, Warner Bros, Republic, Pilot, Diffusion, Bank and Smart Ideas.
Beatties managing director Chris Jones said the new store was already trading ahead of expectations, with a particularly strong Sunday trade.
In addition, cannibalisation of trade at the group's nearby Wolverhampton flagship had been negligible, he said.
Since USS acquired the Telford Shopping Centre - which effectively is the entire town centre shopping district for the Shropshire new town - in 1990, it has continuously refurbished and extended the scheme. Plans are already being worked up for further extensions, according to USS retail property fund manager Graham Burnett.
'We are committed to the long-term development of Telford Shopping Centre and aim to further strengthen the young fashion line-up to reflect increasing retailer and customer demands,' he said.
Just four units remain available in the new phase, through joint agents DTZ and Blair Kirkman. The agents said offers have been received on all of them. Rents have been pitched at about£120 Zone A, against about£150 Zone A in the centre's existing prime pitch.
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