Assets News

99p Stores signs for new anchor store at The Galleries in Bristol

99p Stores has signed to open an anchor store at The Galleries Shopping Centre in Bristol as work starts to revamp the food court. The £2m redevelopment of the food court has enabled the owners of the scheme, InfraRed Capital Partners and Hark, to create a 15,000 sq ft store for 99p Stores, which will open later this year.

Hussein Lalani of 99p Stores said: "We wanted a Bristol City Centre store for some time but prior to our dialogue with The Galleries Shopping Centre we were unable to find the perfect location."

The food court renovation covers 30,000 sq ft of space and includes a relocation of the food court from its current location on the top floor to a new position on the middle floor. The new food area has been prelet to Burger King, Fat Jackets, Butlers and Perfect Pizza.

HSBC European Active Real Estate Trust, which was spun out to form Infrared in May 2011, bought the shopping centre in January 2011 from The Mall Fund for £50m. The works represent the first material redevelopment at The Galleries Shopping Centre since it first opened in 1991.

Colin Lang, centre manager at The Galleries, said: "These works follow our restoration of the much loved 'The Galleries' name and installation of new escalators at the end of last year, which takes the total new investment into The Galleries Shopping Centre to well over £2.5m in less than 18 months."

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