Retail Property - Next has sights on Gyle extension

Universities' Superannuation Scheme has submitted a detailed planning application to Edinburgh City Council to expand its Gyle Shopping Centre by 2,790 sq m. The extension will include a new flagship store for Next.

Next trades from two units totalling 550 sq m, but now it has agreed to take 1,860 sq m over two floors. The deal sets a new record rent of£200 Zone A for the scheme, which puts it on a par with Glasgow city centre.

Subject to planning, the extension would open in October 2004 and bring Gyle Shopping Centre's retail offer to more than 33,450 sq m.

Existing tenants include M&S, Safeway, Boots, Gap, River Island, Burger King and Starbucks.

USS deputy fund director Guy Williams, said: ' Plans for Next's new state of the art store follows Gap's opening of a new flagship store at the centre. We are in talks with retailers keen to be introduced to Gyle in the two units to be vacated by Next and these will further improve Gyle's exciting retail offer.'