Lettings boost as centre attracts new retailers

Internationale, Grainger Games, Cardzone, Stitch Express, Shoetec, Mumtaz and BHF have all signed up to the Merrion Centre, in Leeds.

The retailers will pay between 12,500 and 46,750 per annum on units ranging from 165 sq ft to 1,309 sq ft, with Internacionale paying a turnover rent.

Since the recession began, the centre has seen 19 of its retailers go into administration or receivership, including Woolworths, Birthdays and Ethel Austin.

It is now 94 per cent let, with six vacant units out of 112. Three further units are currently under offer to retailers. Footfall has remained at 10.5m over the last year.

Steve Henderson, associate director at Savills, who are joint agents with Brassington Rowan, said: "These new lettings at

the Merrion Centre will further strengthen the already diverse tenant mix which includes both national and international retailers."

He added: "The deals we have done have been straightforward standard deals, in line with the previous market, but each deal has been tailored to the specific retailer."

The centre appointed a marketing manager in January to carry out events and promotions, such as a screen for the World Cup this summer.

It aims to attract students, older people, professionals who work nearby or park in the car park, and families looking for a bargain with its mixed retail offering.

Helen Beckett, asset manager at Town Centre Securities, which owns and manages the site, added: "The Merrion Centre has been very resilient throughout the whole recession.

"We have had 19 receiverships and administrations and the vast majority of them have been re-let.

"We haven't suffered from high vacancy rates but we have had a very quick churn rate, which has resulted in a lot of changes."

She added: "We are aware we can't sit back and be complacent but we are doing well in the current market."