The first fashion retailers have signed leases at Shannons Mill, the outlet mall being built in Walsall, West Midlands.
Benetton is taking a 3,000 sq ft (280 sq m) unit, Ponden Mill and Pilot are taking 4,000 sq ft (370 sq m), and Petroleum, Cotton Traders and Baron Jon are each taking about 2,000 sq ft (185 sq m). Developer Norton & Proffitt is in final negotiations with a major sportswear brand for one of the anchor units, which would take the scheme to 50 per cent pre-let.
Derek West, retail director of St Modwen, joint partner of Norton & Proffitt, said: 'To have this amount spoken for at this stage demonstrates how keen retailers are for an outlet presence in the West Midlands.' The development is due to open in mid 2005.
Letting agent Markham Vaughan Gillingham and Lambert Smith Hampton are quoting rents of£25 per sq ft (£270 per sq m), with a 12 per cent turnover top-up.
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