The leisure and retail redevelopment called The New Front, opposite Leeds Arena, is now 70% let, just two months after the arena was opened by Bruce Springsteen. Town Centre Securities (TCS), who own the Merrion Centre and its New Front site, said that tenant demand was high, with 60% of the building pre-let and 10% in solicitors’ hands.
Edward Ziff, Chairman and CEO of TCS, said, “We could fill it straight away.”
The £8m redevelopment is scheduled to complete its first phase, including leisure and retail units, in December. It will create an additional 50,000 sq ft of accommodation with an estimated retail value of £650,000 a year.
Pure Gym is the first of the site’s new tenants to move in, due to open in the next two weeks. Early Bird membership is just £10.99 per month for the first 12 months, increasing to £17.99 thereafter.
The Merrion Centre, TCS’s largest asset, has risen in value by 2.75% to £116.1m, with rents increasing by 2%. Its refurbishment as well as the headline acts of Leeds Arena are drawing in greater numbers of potential customers, bringing increased prosperity to the area.