Crest Nicholson Properties (CNP) - Retail Development - Wales, Newport, Westgate Buildings

Date: 20 Jun 2001

Crest Nicholson Properties (CNP) has secured popular coffee bar operator Starbucks for its 3,268 sq m (37,179 sq ft) retail and leisure development, Westgate Buildings in Newport, Wales. Starbucks has snapped up the penultimate unit, 251 sq m (2,700 sq ft) and is the latest in a series of high street names rapidly taking space at CNP's successful town centre development, now 85% let.

The scheme is a major boost to Newport's regeneration plans, with key deals including:

- HMV (unrepresented), taking 436 sq m (4,696 sq ft) on a 15 year lease at £125,000 pa.

- Eldridge Pope, represented by King Sturge, taking 1,416 sq m (15,240 sq ft) on a 25 year lease at £90,000 pa for its new format Toad bar.

- Phones 4U, represented by Healey & Baker, taking 81 sq m (870 sq ft) on a 15 year lease at £55,000 pa (£93 per sq ft).

- Other tenants include Alliance & Leicester, Lunn Poly and Brook Street.

Jason Schofield of CNP comments:

"Westgate Buildings is now 85% let, already creating a vibrant tenant mix and strong customer focus for this exciting shopping destination in the heart of Newport and we look forward to a successful opening in July."

CNP was represented by Morgan Williams.

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