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NewRiver in the press

Double Primark deal for NewRiver in Hastings and Belfast former BHS stores

20 September 2017

Double Primark deal for NewRiver in Hastings and Belfast former BHS stores

NewRiver REIT plc has announced two deals with leading value fashion retailer Primark, activating former BHS units in Priory Meadow Shopping Centre, Hastings and The Abbey Centre, Newtownabbey, Belfast.

This will bring the total number of Primark stores within the NewRiver portfolio to six.

HASTINGS

 In Hastings, Primark will take the 29,800 sq ft store with works planned to begin in Spring 2018, and completion targeted for Summer 2018. This exciting new letting brings the centre occupancy to 100% and complements the strong existing fashion retail mix at Priory Meadow, which includes a modern H&M store together with Topshop, M&S, River Island and New Look.

The Primark letting in Hastings forms part of NewRiver’s active asset management strategy for the centre which is focused on enhancing the customer experience including a car park refurbishment and the revitalisation of branding and signage in Autumn this year.

Stuart Mitchell, Director at NewRiver said: “We are delighted to secure both deals with Primark, one of Europe’s leading retail operators. We have worked closely with Primark and to have them expand into our portfolio demonstrates the calibre of our assets and their locations, helping Primark fulfil expansion into their target catchments. The centre being fully let reinforces Priory Meadow’s reputation as a key south coast destination for retailers, and gives our 8.5 million annual shoppers to the centre a full and varied shopping experience.”

NEWTOWNABBEY, BELFAST

In Newtownabbey, Primark is upsizing its trading space in the heart of the Abbey Centre by 75% when it moves to the former BHS unit. Primark will move from its current store to the new space, a store with a 26,700 sq ft sales floor in Summer 2018.

The Primark letting in Newtownabbey continues NewRiver’s active asset management strategy which over the last 18 months has delivered a brand new purpose-built 42,000 sq ft full-range Next store, an extended and fully-refurbished Dunnes Stores and the introduction of New Look, Caffé Nero and Nando’s; alongside other lettings and refurbishments to the mall, signage, car park, branding and entrances.

Emma Mackenzie, Director at NewRiver said: “We are thrilled to have secured Primark’s upsize at Newtownabbey, testament to the growing popularity of the Abbey Centre as a convenient fashion retail and leisure destination for the local community and beyond. Primark is taking the former BHS store and we are working on various other opportunities for the existing Primark store once they vacate.”

These important lettings follow last month’s announcement that NewRiver REIT has taken full ownership of the BRAVO JV, under which it acquired Priory Meadow and the Abbey Centre, alongside two other shopping centre assets.

ENDS