Poundland has completed a deal to take over the lease of 99p Stores’ large unit at the Cleveland Centre in Middlesbrough following its acquisition of the rival discount retailer.
The new lease will run until February 2022 and was agreed simultaneously with a refurbishment of the 13,692 sq ft unit. The deal gives Poundland a presence in the Cleveland Centre for the first time.
Poundland finalised its £55m acquisition of 99p Stores last autumn and has ambitious plans to grow its portfolio from 1,070 to 1,400 stores throughout the UK and Ireland.
Alison Gurney, senior asset manager of Waypoint New Frontier, said: “The new lease cements Poundland’s commitment to the shopping centre. We were pleased to work with them to deliver the new lease and store refurbishment.”