Debenhams is to anchor the £350m Southgate regeneration scheme in the centre of Bath.
The retailer will take 125,000 sq ft over four floors at the corner of Manvers Street and Dorchester Street in the Bath Multi Development UK and Morley Fund Management scheme.
Debenhams is taking a 25-year lease of the 125,000 sq ft anchor department store, which forms part of the 600,000 sq ft scheme
The announcement comes just a week after Morley and Multi signed a joint venture to regenerate the eight-acre site.
Southgate is Multi’s first UK property investment since the announcement that the company would be de-listing from the Dutch stock exchange to become an investor/developer.
Multi will retain ownership of the completed scheme jointly with Morley. The total investment value of the scheme is estimated at over £350m.
Phil Monaghan, property director at Debenhams, today said “Bath is one of the largest UK centres without a Debenhams department store and after many years of trying to secure representation we are delighted that we will now be able to bring a full-range store to the city as part of the Southgate regeneration”.
Paul Sargent, Multi UK managing director, said: “Securing Debenhams signifies a positive beginning for Multi’s leasing strategy for Southgate.
“We are already experiencing strong demand from retailers who don’t have representation in Bath as well as retailers in the city who crave the larger more modern floor space we’ll be creating.
References: EGi News 26/10/06
