DOUBLE DEAL FOR ST. MODWEN AS NATIONAL RETAILERS TAKE FORMER WOOLIES UNITS
28 September 2009
St. Modwen, the UK’s leading regeneration specialist, has signed two agreements for former Woolworths stores at its Elephant & Castle Shopping Centre and Farnborough town centre regeneration schemes.
Shoe retailer Clarks will take a 7,073 sq ft unit on the ground floor at Elephant & Castle for its Factory Division while Poundland, the biggest single price retailer in Europe, will take 11,500 sq ft at Farnborough.
James Stockdale, Development Manager at St. Modwen, said: “The closure of Woolworths stores across the country earlier this year brought more unwanted empty units to retail schemes but also opportunities for developers to bring fresh tenants to their projects. These deals show that we can realise the value of these units and bring them back into operation at popular shopping locations.”
Julie Lambden, Head of Factory Shopping at Clarks, said of Elephant & Castle: “The shopping centre is an excellent hub from which to trade and we look forward to working with the community.”
David Coxon, Trading Director at Poundland, said: “We’re looking forward to opening a store in Farnborough – Poundland’s arrival will create around 30 jobs and excellent new shopping opportunities.”
Poundland, which was represented by Smith Price, is scheduled to open in November while Clarks, represented by Capital Retail, will open this winter.
Notes to Editors:
Elephant & Castle Shopping Centre
Elephant & Castle is a mixed-use centre comprising 135,000 sq ft of retail, 90,000 sq ft of offices and 90,000 sq ft of leisure facilities.
Acquired by St. Modwen in 2002, the centre is situated at the heart of the wider Elephant & Castle regeneration area in south London, the wholesale redevelopment of which is being pursued by Southwark Council and its strategic development partner, Lend Lease. Southwark’s vision for the area represents one of the most exciting and ambitious schemes in Europe, in which St. Modwen has a major strategic landholding.
Farnborough town centre
The redevelopment of Farnborough town centre is being undertaken by Key Property Investments (KPI), a 50:50 joint venture between St. Modwen Properties PLC and Salhia Real Estate Company.
St. Modwen Properties PLC
St. Modwen is the UK’s leading regeneration specialist, operating across the full spectrum of the property industry through a network of six regional offices and a Birmingham-based head office. The company is wholly focused upon regeneration with expertise in brownfield land renewal, town centre regeneration, partnering with industry, Innovation Centres and education projects.