Stannifer and Hammerson have signed two anchor tenants for their £128m Union Square scheme in the heart of Aberdeen.
The joint venture, Union Square Developments, has secured high street chain Next for a 30,000 sq ft (2,787 sq m) store.
In addition, cinema operator Odeon will anchor the leisure element with a 10-screen multiplex at the 550,000 sq ft (51,095 sq m) retail and leisure development.
Next and Odeon are the first tenants to sign for the scheme. Other retailers are expected to follow suit imminently.
Union Square would not confirm rents, but local agents believe Next’s rent to be around £23 per sq ft (£247 per sq m)
The scheme, located on a brownfield site between Guild Street and Market Street, will also involve the upgrading of the railway station and bus station to create a public transport hub.
Work is due to start on site later this year, with the first shops due to open in 2006.
Hammerson became joint venture partner on the Union Square scheme after it bought original partner Railtrack‘s property division for £63m in December of last year.
References: EGi News 11/04/03
