STENHAM, the global investment management group, and Park Lane Estates have announced that Wellington Square shopping centre in Stockton has experienced an upturn in lettings over the last 12 months.
Following the opening of The Body Shop in July, 2008, when the ethical cosmetic retailer took a 1,525 sq ft (141.67 sq m) groundfloor retail unit on a ten-year lease, there has been, on average, one shop opening every other month in the centre, at a time when many retailers have curtailed all expansion plans.
Both Stenham and Park Lane Estates have worked closely with letting agents Jones Lang LaSalle and Brassington Rowan, to achieve a number of lettings to major multiples in a difficult market.
New arrivals include TMobile, Orange, and The Works bookshop.
In addition, there have been a number of lettings to regional retailers.
FX Currency is the latest signing, along with Azuri and Divalimite.
Adam Jaffe, investment manager at Stenham, said: “We have worked hard in a difficult economic climate to ensure continued interest in Wellington Square.
“We are pursuing a pro-active letting strategy to improve the tenant mix and the retail offering in Stockton.
“We are delighted to have secured local retailers within the centre as this provides a community element to the shopping experience, as well as a wider choice and variety for shoppers.
Wellington Square Shopping Centre has a total of 50 units including Debenhams, Lidl, Marks & Spencer, Topshop, New Look, WH Smith, H&M, HMV, River Island and Superdrug.
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