Quadrant Estates, the recently appointed asset manager of Morfa Shopping Park in Swansea, has hit the ground running, by securing new leases with occupiers Next and TK Maxx. Next will be moving to the premises currently occupied by TK Maxx providing the retailer with a much larger (60,000 sq. ft.) two-level full format fashion and home store, on a new 15-year lease, which is set to open in June. TK Maxx, which closed this month, will ultimately move to Next’s existing 30,000 sq. ft. two-level unit and aims to open in September 2016 having also taken a new 15-year lease.

Morfa Retail Park was acquired by AshbyCapital’s group investment company, from The Crown Estate for £83.5m in December 2015. The 256,000 sq ft retail park has a strong mix of high profile retail tenants including Morrisons, B&Q, Curry’s PC World, Outfit, New Look, Argos and Sports Direct.

John Maddison, Partner at Quadrant Estates, said:

“Morfa is the Premier Shopping Park in the region with its high quality retail occupier line-up, which is continually improving. We are delighted to have secured a new large format Next store and a modern rightsized TK Maxx store for our customers and are pleased that they have both extended their leases in this prime shopping destination for the long term.

“Our aim is to improve the overall consumer experience at Morfa and ensure that it remains the location of choice to shop in the catchment and regionally beyond. This key letting transaction is just the start of the exciting plans we have for the Shopping Park going forward.”

Wilkinson Williams and Morgan Williams acted for Quadrant Estates and AshbyCapital on these lettings.