The former House of Fraser store in Cwmbran, which has been empty for 15 months, has been let to two new tenants.
It is understood that the building, which forms part of the wider retail and leisure Cwmbran Centre scheme, will be occupied by 海角视频-wide gym operator JD Gyms alongside its sister sporting retailer JD Sports.
The Cwmbran Centre, which extends to 740,000 sq ft, is managed and owned by commercial property and investment firm LCP Group - which is part of M Core.
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LCP would only confirm that it has struck a 15-year lease for 20,000 sq ft with a national gym operator as well as a 10-year lease for 8,000 sq ft with a sports leisure retailer. KLM Real Estate acted for the landlord on the lettings, while LCP’s in-house solicitor was Neil Harrison.
A £4.5m redevelopment of the three-storey building, which was built in the 1960s, will receive a £2.5m grant contribution from the Welsh Government's transforming towns funding pot. The remainder will be financed by LCP. Work is scheduled for completion at the end of 2024.
Alex Williams, asset manager of LCP, said: “While we cannot yet reveal the name of the tenant, we can say it is a significant coup for the town and another transformational agreement for Cwmbran Centre. The former House of Fraser store has enormous strategic importance, being located in the middle of the town, and redevelopment proposals promise to bring new life to the building and wider scheme.
“2023 has been a phenomenally successful year for the Cwmbran Centre, with more than 12.5 million visitors recorded this year so far and a string of new tenants. The commitment of these two national tenants further solidifies Cwmbran’s position as one of South Wales’s leading retail and leisure destinations.”
Tony Wilkes, centre manager, added: “The high street revival in Cwmbran is in full swing. The town centre is a great asset for the community and we are working hard to ensure it continues to be a destination that people want to visit. Cwmbran Centre is experiencing record high occupancy rates, signalling that strong occupational demand still exists.”
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Moreover, Cwmbran Leisure is now fully let following two restaurant tennancy deals. The leisure destination, which extends to more than 90,000 sq ft, has attracted food buffet firm Legan and Turkish restaurant Yes Baba.
LCP Group acquired Cwmbran Leisure at the beginning of the year just 12 months after taking ownership of the neighbouring Cwmbran Centre. The scheme includes a eight-screen Vue cinema, 20-lane Hollywood Bowl plus six restaurant units, including a Harvester and Pepe’s Peri Peri. A tanning salon, gym and an independent college are also on the site.
Mr Williams said: “Adding Yes Baba and Legend to the dining line-up at Cwmbran Leisure is fantastic news for the town and complement our existing strong leisure line up.”