Modus Properties has signed Debenhams to anchor its 300,000 sq ft Regent Place development in Swindon, a week after planning permission was granted for this mixed used project.
Debenhams are to relocate, moving from their current location on The Parade, into a new state of the art store which will be at the heart of Regent Place. The store will have a gross area of 100,000 sq ft and will trade [70,000] sq ft from three levels.
Regent Place is a £200m regeneration project that will comprise 300,000 sq ft retail. In addition to the department store there will be over 45 additional units including a Manna Foodhall at lower mall level. A new restaurant quarter will be created along with a hotel, 250 contemporary apartments and a 900 space gold standard car park.
Nigel Poad, Modus Leasing Director said, ‘Signing Debenhams is a massive vote of confidence in Regent Place placing it in the prime retail circuit.’
Cllr Phill Young, Swindon Borough Council Cabinet member for Economic Development and Regeneration commented, ‘we are in the process of transforming Swindon's town centre into a destination of choice for shopping and leisure, and it is vital that major retailers like Debenhams are part of that. Their decision to relocate to Regent Place is a huge vote of confidence in our plans.’
Robert Hadfield, Debenhams Acquisitions Manager, added, ‘we are delighted to have signed up to anchor Regent Place, which gives us the opportunity to offer the shoppers of Swindon the bright modern store they deserve.’
Peter Green from the New Swindon Company believes Debenhams move to the Regent Place development is good news for Swindon as it will attract other major retailers into this significant regeneration project. ‘Following the recent grant of outline planning permission, a start on site is fast approaching and the completion in 2011 will see a major change to the face of Swindon's retailing. The vacant building that Debenhams leave provides a positive opportunity for Swindon to increase its retail offer by attracting a new tenant into an area that will see major redevelopment with The Exchange scheme about to come online.’
The estimated start on site date will be Summer 2008 with completion for Winter 2010.