Leading discount chain Home Bargains is doubling the size of one of its Swansea stores after completing a new letting, development and investment company Barberry Developments announced this week.
Home Bargains has agreed to take an additional 10,000 sq ft next to its existing store at Phoenix Retail Park, Phoenix Way, Llansamlet.
Martyn Cartwright, director of West Midlands-based Barberry, said: “We are very pleased to announce that Home Bargains has extended its existing store on Phoenix Retail Park to take an additional 10,000 sq ft.
“The company has also restructured its existing lease to provide a new 15-year term on the total of 20,000 sq ft. We are carrying out adaptation works to integrate the former Poundworld unit within the new letting. The new overall rent agreed is £200,000 per annum with reviews at the 5th and 10th year.”
He added: “Home Bargains has been a tenant on the retail park since 2011 and the new letting is a further endorsement of this extremely popular retail park. It secures Home Bargains as the anchor tenant for many years to come. The conversion works are anticipated to be completed next month and the new store fitted out and open for trade shortly thereafter.”
Richard Ryan, of Fletcher Morgan who acted jointly on the letting, said: “We are delighted to have secured this letting to Home Bargains on behalf of our client, Barberry. The larger store format enables Home Bargains to offer customers their full product range and we anticipate it will improve overall customer footfall, reinforcing Phoenix Retail Park as a successful shopping destination.”
Last year, Happy Home Furnishers took 12,650 sq ft on a new 10-year lease for its new superstore, joining existing occupiers Dreams and Iceland, at the popular site. Barberry also owns the adjacent fully-let Lion Way Retail Park with occupiers such as MFC Sofas, HSL, Poundstretcher, Floors 4 You and Farmfoods.
Home Bargains was represented by Bennett Real Estate Consultancy and Dylan Jones Retail while Barberry were represented by Fletcher Morgan and Morgan Williams.