Ellisons and Fenn Wright are pleased to announce that the new Stanway Retail Park in Colchester has its first tenant Poundstretcher, following completion of the lease of Unit 1!

The 35,000 sq ft Stanway Retail Park in West Colchester, has been developed by Ardencrest, The East of England Co-Operative Society’s property company.

Nick Denny, Executive Officer – Property for the East of England Co-op, said: “We are delighted to have Poundstretcher join us at our Stanway Retail Park. The units provide the opportunity for retailers to position themselves in a key location in Colchester, on a site which is anchored by our successful supermarket.”

Guy Longhurst, Senior Partner at Ellisons, commented on the completion: ‘‘I am delighted to announce that the East of England Co-Operative Society has completed a lease of Unit 1 with the major retailer, Poundstretcher. This exciting new retail development provides Colchester with more shopping space and proves that the town is continuing to grow and prosper, and is an attractive location for national retailers. This was a speculative development by the East of England Co-Operative Society, which has created much needed jobs and investment in Colchester, during the planning and construction phases, and further opportunities when the units open for business. The Society should be applauded for it’s vision and commitment, during these difficult economic times.’’

Rob Windus, Associate Partner for the Commercial Division of Fenn Wright said: ‘‘To secure a retailer which already has 400 stores nationwide is an excellent start to the scheme. Poundstretcher have positioned themselves well in the rapidly developing and popular west side of Colchester. Not only is their retail pull a good outcome for Colchester but there will other economic benefits for the area, with a large number of employees likely to be required to staff the 11,443 sq ft of accommodation they’ve taken.

“We are also pleased to report that three other national operators have agreed terms to take space at Units 3A, 3B & 4, with strong interest being shown in the remaining Unit 2. I expect we’ll have more good news to offer on that front, in the coming weeks.”

Poundstretcher has taken a lease of Unit 1, which comprises 11,443 sq ft within the development.

Three other national operators have agreed terms to take space at Units 3A, 3B & 4, with the remaining Unit 2 expected to go ‘‘under offer’’ in the coming weeks.