National gym operator and sports retailer heading to Cwmbran Centre17/10/2023
A national sports retailer and gym operator are to take over the former House of Fraser department store in the Cwmbran Centre – in what is described as a transformational development for the town.
The retailer will open about 8,000 sq ft of retail space on the ground floor after agreeing a 10-year lease with the LCP Group, part of M Core, which owns and manages the centre, while the gym operator has also agreed a 15-year lease for the first and second floors, totalling 20,000 sq ft. It is hoped work to transform the former department store, which has stood empty for 15 months, will start later this year, with the aim of completing before the end of 2024.
Alex Williams, Asset Manager of LCP, said: “While we cannot yet reveal the name of the tenant, we can say it is a significant coup for the town and another transformational agreement for Cwmbran Centre. The former House of Fraser store has enormous strategic importance, being located in the middle of the town, and redevelopment proposals promise to bring new life to the building and wider scheme.
“2023 has been a phenomenally successful year for the Cwmbran Centre, with more than 12.5 million visitors recorded this year so far and a string of new tenants. The commitment of these two national tenants further solidifies Cwmbran’s position as one of South Wales’s leading retail and leisure destinations.”
Tony Wilkes, Centre Manager, added: “The high street revival in Cwmbran is in full swing. The town centre is a great asset for the community and we are working hard to ensure it continues to be a destination that people want to visit. Cwmbran Centre is experiencing record high occupancy rates, signalling that strong occupational demand still exists.”
In recent months, Cwmbran has also celebrated the opening of Coffee#1 and Loungers, while Dunelm is due to open at the end of October. The occupancy rate stands at 95%, its highest in five years.
Philip Gwyther, of EJ Hales, which acted for the landlord, said: “A major sports retailer relocating to a flagship store on the corner of Gwent Square, with a new gym above, is a huge vote of confidence in Cwmbran Centre and demonstrates the resilience of the town as a trading location. The centre benefits from the very high footfall and free car parking, and continues to thrive.”
KLM Real Estate also acted for the landlord, while LCP’s in-house solicitor was Neil Harrison.