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UK Store News

Discounter Takes on Former Brecon Homebase

Homebase exit sign 725 x 500 Editorial credit Jonny Essex  Shutterstockdotcom.jpg

A former Homebase unit in South Wales has been let to a discount retailer.

The Brecon store, which had secured a rent reduction of 65% in 2018, has now been let to value chain B&M, on what is believed to be a 15-year lease.

Homebase confirmed the planned store closure in July, stating: "Since the launch of our CVA in August 2018, we have been in conversations with landlords to secure the right rents as part of our efforts to address our fixed cost base. Under the terms of our CVA, landlords have the opportunity to end their lease on 1 July, 2019 if they would like to pursue other opportunities for the store.

"For the Homebase store in Brecon, we have been unable to come to an agreement that works for both parties and as such, the landlord for this store has exercised their right to end the lease. Our priority is to support our affected team members who have shown us loyalty and energy throughout what has been an unsettling time."

The landlord opted to end the agreement with Homebase on the 1st September.

The store housed an Argos concession which has also closed, with staff offered the opportunity to move to the Cyfarthfa store. 

The site comprises a 26,300 sq ft store, a garden centre and 128 parking spaces.

Fletcher Morgan acted on behalf of real estate company Atlantic Leaf, which owns the unit, while B&M was represented by Burns Property Consultants.

Richard Ryan of Fletcher Morgan said: "The location of the property with prominent frontage to the intersection of the A40 and A470 presented a unique opportunity for a retailer to secure a large store footprint within the historic market town of Brecon."

Fit-out work has already commenced at the premises and it is anticipated that the new B&M store will open by the end of the year.

Source : Insight DIY Team

Image : Jonny Essex / Shutterstock.com

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26 September 2019

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