Retail Property - Iceland signs up second phase of store expansion

Iceland is in negotiations to open an additional 20 units as part of plans for an extra 80 stores announced in 2002 by the 760-strong retail chain.

The frozen foods retailer has already signed up for 10 new stores, including units in the West Midlands, Belfast, Nottingham and Whitley Bay, Tyne & Wear. New Iceland stores have already opened in Oxford, Ayr, Dagenham and Newcastle.

The retailer is looking for busy high street stores of 6,000 sq ft to 8,000 sq ft (575 to 745 sq m) with parking, but will consider units of between 4,000 to 10,000 sq ft (370 to 930 sq m).

Iceland property director Tim Yates said: 'Iceland's new retail formats are producing good returns and the company is keen to expand its store numbers.'

The company is offering£5,000 bonuses to individual property agents that find it stores as well as full fees to the firms involved.