Yorkshire law firm Gordons advises on Home Bargains lease at 5Rise Bingley

Yorkshire law firm Gordons has negotiated a lease with popular discount retailer Home Bargains on behalf of property development company 4Urban at its recently completed 5Rise Shopping Centre in Bingley. 

The lease was negotiated by Dawn Carlisle who works in the firm’s commercial property department and will see Home Bargains take a total of 7,250 sq ft of space situated opposite Co-operative Foods. The new store will open at the beginning of December in time for 5Rise’s official public opening.

Richard Holmes, development director at 4Urban, said: “Home Bargains is a fantastic retailer to add to those already at 5Rise and will act as an anchor tenant, along with Co-operative Food. Throughout the lease negotiations, Dawn provided us with excellent practical advice and enabled the deal to be completed quickly and to the satisfaction of both parties.

“There is no doubt that this letting will create a major retail draw and it is encouraging that the retailer is making a significant investment in Bingley as a retail destination. There are several other units currently under negotiation and we are confident that the addition of Home Bargains will encourage further lettings in the very near future.”

As other retailers are closing and leaving the UK’s high streets deserted, Home Bargains is bucking the trend with plans to open 50 new stores across the UK in the next twelve months.

Dawn Carlisle commented: “Home Bargains is a great addition to the mix of retailers already at 5Rise and it is anticipated that the new store in Bingley will create 25 jobs which is a further boost to the local economy. We are very pleased to have been able to advise on this lease and play a role in the ongoing regeneration of Bingley town centre”

5Rise now offers around 60,000 sq ft of new and refurbished retail space across 18 individual shop units. A major £5m regeneration project for the market town of Bingley, the site was formerly known as Myrtle Shopping Centre and it had become run down and no longer fit for purpose.

A number of owners and developers had failed to deliver on their promises to redevelop the centre that is Bingley’s main retail focus until 4Urban purchased the site in April 2007 and began redevelopment in September 2008.

Published: 17th November 2009

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