NewRiver agrees 71,000 sq ft Morrisons prelet in Hampshire
NewRiver Retail has signed a prelet with Morrisons at its Locks Heath Shopping Centre in Fareham, Hampshire, under plans to extend the mall.
Morrisons has agreed, subject to the conditions being met, to lease under a 25-year term a 71,000 sq ft food store, an announcement from NewRiver said today.
NewRiver said the agreement was conditional upon certain land acquisitions and securing planning consent an extension to the shopping centre.
The shopping centre was sold to NewRiver in 2010 as part of a £53m deal. The deal was part of an acquisition of five UK shopping centres totalling 518,000 sq ft from the CPI Retail Active Management fund.
Allan Lockhart, property director at NewRiver said: ” We are now planning to begin the process of presenting our masterplan for the Centre to the local authority. The agreement is a significant endorsement by a leading UK food retailer and marks a positive step forward in the progression of our enhancement plans for the shopping centre.”