Moorfield Group

• Corporate Profile
  • The Team
  • History
• Investment Strategy
  • Real Estate
  • Corporate
  • Asset Management
  • Investment Process
  • Origins of Deal Flow
• Our Investments
  • MREF Investments
  • MREF II Investments
  • Moorfield Group Investments
  • Historical Deal List
• News
• Contacts
  • Moorfield Contacts
  • Related Contacts
• Sitemap / Search
• Corporate Social Responsibility
  • Sustainability Statement
  • Moorfield Foundation
• Investor Login

Press Releases

Next Step for Cornmill Shopping Centre

High Street fashion chain Next is set to open at Cornmill Shopping Centre in Darlington, property investment company Moorfield Group announced today.

The clothing and homeware retailer has taken circa 22,000 sq ft on the ground floor (with ancillary upper parts) at 12-16 Northgate and also units 28/29 within the Cornmill shopping centre. The Northgate units were previously occupied for 85 years by Woolworths.

Next has signed a 10 year deal for the store, at a rent of £325,000 pa, and were unrepresented, whilst DTZ and KLM acted for Moorfield Group.

Following the landlords refurbishment work to combine the units, the new store is set to open in early summer, and will incorporate clothing ranges for men, women and children, as well as home furnishings.

Speaking about the deal, Mark Holmes of Moorfield Group, investment and asset manager of the property fund that owns the centre, commented: “Despite the economic downturn, we have continued to see strong demand for prime retail space in Darlington, (with Cornmill Shopping Centre 100% let over the festive period).  This new store will see the consolidation of Next’s two smaller outlets in the town. We are delighted to have been able to meet their requirement for a single larger store that will improve the shopping experience for their customers, with a wider range of fashion and homewares all under one roof.  This letting adds another strong anchor to the scheme and will provide a very positive boost to the footfall not only within the Cornmill but also the town centre”

A Next spokesperson added: “The new store will be in a fantastic location and with the sales floor planned at over 12,800 sq ft , the store will provide the perfect platform for  Next to display the latest retail concepts to Darlington. We are intending for the store to have a sense of spaciousness.  This will be created by intelligent lighting, inspiring use of graphics and an impressive shop fit. For ease of selection, our designers will ensure the collections are presented in dedicated areas, to highlight key trends. We’re excited by this opportunity and anticipate that the store will make an impact”

Cornmill Shopping Centre was acquired by Moorfield Real Estate Fund in December 2006, and incorporates a strong tenant line-up, with more than 50 stores including major High-Street brands, such as TK Maxx, Primark, New Look, Top Shop, Dorothy Perkins, HMV and Game.  The scheme currently totals approximately 20,616 sq m (221,000 sq ft) of retail accommodation on two levels, together with an adjoining, secure, 402 space multi-storey car park. 

« Back