Newport Town Centre, Wales

The investment is held in a special purpose company called Modus Corovest (Newport) Limited. It comprises two separate long leasehold retail interests, 1-9 Upper Dock Street and 18-29 John Frost Square, Newport, together measuring approximately 39,000 sq ft. (3,600 sq m). The two properties are let on 15 full repairing and maintaining leases, of which 80% are national multiples. Tenants include New Look, Iceland, Officers Club and Co-Op Bank.

In April 2005, the Newport City Council chose Modus Corovest (Newport) Limited as the preferred developer to transform the retail centre of Newport into a major shopping destination.

The development will provide:

• 36,200 m2 of new retail space (390,000 sq ft)
• 9,750 m2 department store (105,000 sq ft)
• 5,000 m2 of leisure (53,100 sq ft)
• 137 residential units
• 1,400 car parking spaces.

The total project has a completion value of circa £200.0m and will be completed in time for the Ryder Cup, which is to be held in Newport in 2010.

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