YORKSHIRE RETAIL OUTLET SCHEME WINS PRE-LETS FOR 50% OF SPACE
THE DEVELOPER OF A NEW RETAIL OUTLET SCHEME IN YORKSHIRE HAS REVEALED PLANS FOR THE FIRST £90M PHASE AND SIGNED UP HALF THE AVAILABLE RETAIL SPACE AHEAD OF ITS OPENING NEXT YEAR
Plans to build the leading outlet shopping and leisure destination in the North of England, Scotch Corner Designer Village, have been unveiled. £90 million is being invested in Phase One which will comprise 92 retail and dining units across 250,000 sq ft. The first 23 brands to sign-up include BOSS, Calvin Klein, Tommy Hilfiger, Adidas, Levi’s, Mint Velvet, Joules, Gap and Skechers. Located at Junction 53 of the A1(M), the scheme will be one of the most accessible retail and leisure destinations in the UK. Passed by more than 28.9m vehicles each year and with a wide catchment of 3.8m residents within a 60-minute drive time, annual footfall is expected to be over 4.
Plans for a second phase are expected to be submitted in the next six months and may include more retail and leisure space, a garden centre and a hotel.
Simon Waterfield, developer and co-owner of Scotch Corner Richmond, told Property Week that outlet villages had largely avoided the woes of high street retail.
“In the last five years, outlets have performed at 10 times the sales growth of standard centres,” he said. “Outlet model leases are base rent related with a turnover top-up. Base rents are kept at a sensible level and with the footfall we will attract, retailers do well in turnover, so we do well in rent.”
Waterfield added: “With no other major outlets centres within a 60-minute drive, and local towns providing a lower-priced fashion offer, we feel confident we will add to the appeal and prosperity of the region.”
Enabling and infrastructure works are under way at the site.
SPACE – Retail Property Consultants has been appointed by Scotch Corner Designer Village as sole leasing agent for Scotch Corner Designer Village.