Retail and leisure property specialist EJ Hales has helped leading UK value retailer Poundworld secure a shop within Newport city centre.
Acting on behalf of the landlord Fairacre, the Cardiff-based agent has agreed a ten year lease of 4/5 Westgate buildings to the family run company for £80,000 per annum.
The 6,000 sq ft plus store which opened on Thursday 12th November has created over 30 jobs and is part of a wider expansion programme for Poundworld.
EJ Hales has built an enviable reputation within the retail and leisure commercial property marketplace. In the last year the company has advised on a number of high profile deals spanning the breadth of the country for clients including Tesco, Specsavers, Argos, Next and Subway.
Owen Cahill, associate partner at EJ Hales, said:
“With the Friars Walk scheme now open, it’s an exciting time for Newport.
“Poundworld is a welcome addition to the current offering along Commercial Street, which has also seen Sports Direct recently open opposite.
“We’ve enjoyed helping secure the lease between Fairacre and Poundworld and hope the team have great success with their new store.”
Jeannie Pritchard, of Fairacre, said:
“It’s extremely positive to see so many big chain brands investing in Newport’s future and we’re sure Poundworld will be a great success.
“We’d like to thank EJ Hales for their expert knowledge and advice throughout the process.”
Matthew Mitchell, national acquisitions manager for Poundworld, said:
“We’re thrilled to open our new store, which has created 30 jobs for the local community.
“It’s an exciting time to open with the Friars Walk scheme, which will definitely make Newport an even popular destination for shoppers.”
EJ Hales has been at the forefront of the South Wales commercial property market for over 80 years. The practice specialises in retail and leisure property, both in town centre and out of centre locations and advises on some of the largest developments in South Wales. Clients include Tesco, Next, Argos, Subway, Specsavers, UBS, M & G Real Estate and Aberdeen Asset management & Mansford.
Poundworld is a family-run company which started on a market stall in Wakefield, Yorkshire, and now offers more than 5,000 products with a £1 price tag. It has more than 300 stores across the UK, and aims to open another 50 in the next year.