NewRiver deal brings Primark to Warrington

AIM-listed property investor NewRiver Retail has bought two large units in Warrington’s Golden Square shopping centre.

NewRiver has acquired the long leasehold interest of the New Look store for a total consideration of £3.47m from Standard Life and also a long leasehold interest for nil consideration in the adjacent vacant retail unit from Warrington Retail Partnership a joint venture between Warrington Council, Lend Lease and Legal & General, owners of the Centre.

NewRiver will amalgamate and refurbish the two retail units to provide a single 56,000 sq ft unit for leading retailer and popular high-street favourite Primark.

NewRiver has signed a lease with Primark for a term of 25-years at an annual rent of £475,000.

New Look is scheduled to vacate shortly after Christmas 2012 and move into the former Zara unit within the shopping centre. Construction will then commence in January with Primark taking occupation in April next year.

Allan Lockhart, property director at NewRiver Retail, Allan Lockhart said:
“We are delighted to welcome Primark to the NewRiver Retail portfolio. We have formed an excellent working relationship with Lend Lease and together have achieved an excellent outcome that brings the first Primark store to both Golden Square Shopping Centre and to Warrington.

“This acquisition delivers on our commitment to both value-creation and to meeting consumer demand for value, range and convenience.”