Queensberry is in advanced negotiations to sign a cinema operator and two major fashion names at its Friars Walk scheme in Newport. The developer said it had signed heads of terms with a cinema operator at the £100m scheme and was close to signing deals on a couple of its retail units. Stuart Harris, partner at Queensberry said: “Both of the major fashion retailers were previously in Newport but are currently not here, they are coming back and that gives us huge confidence in the scheme going forward.” Debenhams have already signed up as an anchor to the 390, 000 sq ft scheme. Queensberry was appointed by Newport city council to head up the scheme after the collapse of Modus in 2009. Modus had plans to build a £200m retail-led development. Queensberry have since scaled back retail plans but have marginally increased the leisure element of the development. Harris said progress at the scheme so far had been financed through Newport City Council as well as monies from itself. It will go to the funding markets at the end of the summer. nadia.elghamry@estatesgazette.com
Queensberry is in advanced negotiations to sign a cinema operator and two major fashion names at its Friars Walk scheme in Newport. The developer said it had signed heads of terms with a cinema operator at the £100m scheme and was close to signing deals on a couple of its retail units. Stuart Harris, partner at Queensberry said: “Both of the major fashion retailers were previously in Newport but are currently not here, they are coming back and that gives us huge confidence in the scheme going forward.” Debenhams have already signed up as an anchor to the 390, 000 sq ft scheme. Queensberry was appointed by Newport city council to head up the scheme after the collapse of Modus in 2009. Modus had plans to build a £200m retail-led development. Queensberry have since scaled back retail plans but have marginally increased the leisure element of the development. Harris said progress at the scheme so far had been financed through Newport City Council as well as monies from itself. It will go to the funding markets at the end of the summer. nadia.elghamry@estatesgazette.com
